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Trusted by 1L+ Indians

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Trusted by 3 Crore+ Indians

Want to Achieve any of the below
Goals upto 80% faster?

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Dream Car

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Retirement

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Trusted by 3 Crore+ Indians

Want to Achieve any of the below
Goals upto 80% faster?

Car Side View

Dream Home

Car Side View

Dream Wedding

Car Side View

Dream Car

Motorcycle Side View

Retirement

auto rikshaw

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

Car Side View

Dream Home

Car Side View

Dream Wedding

Car Side View

Dream Car

Motorcycle Side View

Retirement

auto rikshaw

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

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Dream Home

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Retirement

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1st Crore

Who is a Surveyor and the Regulatory Framework for Obtaining a Surveyor License?

Who is a Surveyor and the Regulatory Framework for Obtaining a Surveyor License?

Understanding the Role of a Surveyor and Loss Assessor

A surveyor and loss assessor is a specialized insurance intermediary licensed by the Insurance Regulatory and Development Authority of India (IRDAI). These professionals are entrusted with the critical tasks of investigating, managing, quantifying, validating, and dealing with losses arising from various contingencies, whether insured or not. They act on behalf of either the insurer or the insured, ensuring the accurate assessment and fair settlement of claims. Surveyors and loss assessors operate with high standards of competence, objectivity, and professional integrity, adhering strictly to the code of conduct stipulated under relevant laws and regulations.

Key Responsibilities of Surveyors and Loss Assessors

Surveyors and loss assessors perform a range of services to support the insurance process, including:

Investigation and Management: They thoroughly investigate incidents resulting in losses and manage the claims process to ensure accurate assessments.

Quantification and Validation: They quantify and validate the extent of losses, determining the appropriate compensation.

Inspection and Surveys: They conduct initial and follow-up inspections of damaged properties, performing spot and final surveys as needed.

Advisory Services: They advise insurers and insured parties on loss minimization, loss control, security, and safety measures to prevent future losses.

Regulatory Framework for Surveyors and Loss Assessors

The activities of surveyors and loss assessors in India are governed by several key regulations:

Section 64UM of the Insurance Act, 1938

IRDAI (Surveyors & Loss Assessors) Regulations, 2015

IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2017

IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2020

These regulations outline the requirements for licensing, conduct, and operational procedures for surveyors and loss assessors.

Steps to Obtain a Surveyor and Loss Assessor License

Enrollment Process

Create a User ID and Password: Log on to the IRDAI's Business Analytics and Processing (BAP) portal at www.irdabap.org.in and create a user account.

Submit Enrollment Application: Complete and submit the enrollment application along with the required documents through the BAP portal.

Examination

Once the enrollment application is approved, the candidate's name will be included in the list of eligible candidates for the Insurance Institute of India (III) exam. The applicant can then register for the exam in their chosen line of business.

Training

After passing the exam, the candidate must undergo training in the selected mode (either under a licensed surveyor or through institutional training).

Fresh License Application

Upon completing the required training, the candidate can submit an application for a fresh surveyor license along with the necessary documents via the BAP portal.

Renewal of Surveyor and Loss Assessor License

Surveyor licenses need to be renewed every three years. The renewal process involves:

Submission of Renewal Application: Log on to www.irdabap.org.in and submit the renewal application.

Documentation: Upload necessary documents, including the last three years' Form 12, a photo ID, address proof, membership certificate from the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), qualification certificates, and other relevant documents.

Payment of Fees: Pay the renewal fee of INR 1000. If the application is submitted within 30 days after the license expiry, a late fee of INR 100 applies. For applications submitted up to six months post-expiry, the late fee is INR 750.

Modification of Individual Surveyor License

Surveyors holding a valid license can apply for modifications, such as name correction, address change, or addition of lines of business (LOBs). The process involves:

Submission of Modification Application: Log on to www.irdabap.org.in and submit the necessary forms and documents.

Documentation: Depending on the modification type, required documents may include mark sheets, training reports, address proof, or name change notifications.

Surrender of Original License: The original license must be surrendered to the IRDAI's Surveyor department in Delhi.

Obtaining a Fresh Corporate Surveyor and Loss Assessor License

Eligibility and Requirements

Entities such as companies incorporated under the Companies Act, 2013, or Limited Liability Partnerships (LLPs) under the LLP Act, 2008, can apply for a corporate surveyor license. Key requirements include:

Licensed Directors/Partners: The entity must have at least two licensed surveyors as directors or partners.

Purpose and Naming: The entity's primary purpose must be to operate as a surveyor and loss assessor, and its name must reflect this role.

Application Process: Submit the application in Form 3AF through the BAP portal, ensuring all sections are complete and the fee of INR 5000 is paid.

License Validity

The corporate surveyor license is valid for three years, subject to renewal or earlier cancellation.

Renewal of Corporate Surveyor and Loss Assessor License

Application Process

Corporate surveyors must apply for renewal using Form IRDAI-6-AF through the BAP portal. The application should be submitted at least 30 days before the license expiry date.

Fees and Penalties

Standard Renewal Fee: INR 5000

Late Application Fee (within 30 days after expiry): INR 5100

Late Application Fee (up to six months post-expiry): INR 5750

Modifying a Corporate Surveyor and Loss Assessor License

Reasons for Modification

Modifications can be requested due to changes in directors/partners, shareholding patterns, or other material changes.

Application Process

Submit Form IRDAI-18-AF through the BAP portal within 15 days of the material change. No additional fee is required for modifications.

Conclusion

Surveyors and loss assessors play a crucial role in the insurance industry, providing essential services that ensure fair and accurate claim settlements. The regulatory framework established by the IRDAI ensures that these professionals maintain high standards of competence and integrity. By understanding the processes for obtaining, renewing, and modifying licenses, aspiring and practicing surveyors can navigate their roles effectively and contribute to the industry's reliability and trustworthiness. Whether operating as individuals or corporate entities, surveyors and loss assessors must adhere to stringent regulatory requirements to uphold the industry's standards and protect the interests of both insurers and insured parties.

Understanding the Role of a Surveyor and Loss Assessor

A surveyor and loss assessor is a specialized insurance intermediary licensed by the Insurance Regulatory and Development Authority of India (IRDAI). These professionals are entrusted with the critical tasks of investigating, managing, quantifying, validating, and dealing with losses arising from various contingencies, whether insured or not. They act on behalf of either the insurer or the insured, ensuring the accurate assessment and fair settlement of claims. Surveyors and loss assessors operate with high standards of competence, objectivity, and professional integrity, adhering strictly to the code of conduct stipulated under relevant laws and regulations.

Key Responsibilities of Surveyors and Loss Assessors

Surveyors and loss assessors perform a range of services to support the insurance process, including:

Investigation and Management: They thoroughly investigate incidents resulting in losses and manage the claims process to ensure accurate assessments.

Quantification and Validation: They quantify and validate the extent of losses, determining the appropriate compensation.

Inspection and Surveys: They conduct initial and follow-up inspections of damaged properties, performing spot and final surveys as needed.

Advisory Services: They advise insurers and insured parties on loss minimization, loss control, security, and safety measures to prevent future losses.

Regulatory Framework for Surveyors and Loss Assessors

The activities of surveyors and loss assessors in India are governed by several key regulations:

Section 64UM of the Insurance Act, 1938

IRDAI (Surveyors & Loss Assessors) Regulations, 2015

IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2017

IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2020

These regulations outline the requirements for licensing, conduct, and operational procedures for surveyors and loss assessors.

Steps to Obtain a Surveyor and Loss Assessor License

Enrollment Process

Create a User ID and Password: Log on to the IRDAI's Business Analytics and Processing (BAP) portal at www.irdabap.org.in and create a user account.

Submit Enrollment Application: Complete and submit the enrollment application along with the required documents through the BAP portal.

Examination

Once the enrollment application is approved, the candidate's name will be included in the list of eligible candidates for the Insurance Institute of India (III) exam. The applicant can then register for the exam in their chosen line of business.

Training

After passing the exam, the candidate must undergo training in the selected mode (either under a licensed surveyor or through institutional training).

Fresh License Application

Upon completing the required training, the candidate can submit an application for a fresh surveyor license along with the necessary documents via the BAP portal.

Renewal of Surveyor and Loss Assessor License

Surveyor licenses need to be renewed every three years. The renewal process involves:

Submission of Renewal Application: Log on to www.irdabap.org.in and submit the renewal application.

Documentation: Upload necessary documents, including the last three years' Form 12, a photo ID, address proof, membership certificate from the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), qualification certificates, and other relevant documents.

Payment of Fees: Pay the renewal fee of INR 1000. If the application is submitted within 30 days after the license expiry, a late fee of INR 100 applies. For applications submitted up to six months post-expiry, the late fee is INR 750.

Modification of Individual Surveyor License

Surveyors holding a valid license can apply for modifications, such as name correction, address change, or addition of lines of business (LOBs). The process involves:

Submission of Modification Application: Log on to www.irdabap.org.in and submit the necessary forms and documents.

Documentation: Depending on the modification type, required documents may include mark sheets, training reports, address proof, or name change notifications.

Surrender of Original License: The original license must be surrendered to the IRDAI's Surveyor department in Delhi.

Obtaining a Fresh Corporate Surveyor and Loss Assessor License

Eligibility and Requirements

Entities such as companies incorporated under the Companies Act, 2013, or Limited Liability Partnerships (LLPs) under the LLP Act, 2008, can apply for a corporate surveyor license. Key requirements include:

Licensed Directors/Partners: The entity must have at least two licensed surveyors as directors or partners.

Purpose and Naming: The entity's primary purpose must be to operate as a surveyor and loss assessor, and its name must reflect this role.

Application Process: Submit the application in Form 3AF through the BAP portal, ensuring all sections are complete and the fee of INR 5000 is paid.

License Validity

The corporate surveyor license is valid for three years, subject to renewal or earlier cancellation.

Renewal of Corporate Surveyor and Loss Assessor License

Application Process

Corporate surveyors must apply for renewal using Form IRDAI-6-AF through the BAP portal. The application should be submitted at least 30 days before the license expiry date.

Fees and Penalties

Standard Renewal Fee: INR 5000

Late Application Fee (within 30 days after expiry): INR 5100

Late Application Fee (up to six months post-expiry): INR 5750

Modifying a Corporate Surveyor and Loss Assessor License

Reasons for Modification

Modifications can be requested due to changes in directors/partners, shareholding patterns, or other material changes.

Application Process

Submit Form IRDAI-18-AF through the BAP portal within 15 days of the material change. No additional fee is required for modifications.

Conclusion

Surveyors and loss assessors play a crucial role in the insurance industry, providing essential services that ensure fair and accurate claim settlements. The regulatory framework established by the IRDAI ensures that these professionals maintain high standards of competence and integrity. By understanding the processes for obtaining, renewing, and modifying licenses, aspiring and practicing surveyors can navigate their roles effectively and contribute to the industry's reliability and trustworthiness. Whether operating as individuals or corporate entities, surveyors and loss assessors must adhere to stringent regulatory requirements to uphold the industry's standards and protect the interests of both insurers and insured parties.

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