Procedure for grant of license to individual Surveyor and Loss Assessors

By | November 9, 2015
(Last Updated On: November 9, 2015)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION

Hyderabad, the 30th October, 2015

Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015

F.No. IRDAI/Reg/18/108/2015- In exercise of the powers conferred by clause (x) and (xa) of sub-section 2 of Section 114A read with Sections 42D, 42E and 64UM of the Insurance Act, 1938 (4 of 1938), and Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations, namely:-

CHAPTER I PRELIMINARY

1. Short title, commencement and application

(1) These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015.

(2) They shall come into force on the date of their publication in the Official Gazette and shall apply to all licensed insurance Surveyors and Loss Assessors.

(3) These Regulations supersede Insurance Surveyors and Loss Assessors (Licensing, Professional Requirements and Code of Conduct) Regulations, 2000 with effect from date of Gazette notification.

CHAPTER II

LICENSING PROCEDURE

3. Application for, and matters relating to, grant of license to individual Surveyors and Loss Assessors

(1) Every person who is a Student Member of the Institute and intending to act as a Surveyor and Loss Assessor in respect of general insurance business shall apply to the Authority for grant of License in FORM–IRDAI-1- AF as given in Schedule II to these Regulations.

(2) Eligibility Criteria

(a) Qualifications:

(i) academic / technical/ professional/Insurance Qualifications given in Schedule I Annexure–1 of these Regulations.

(ii) Other qualifications as may be specified by the Authority from time to time.

(iii) Shall be a “Member” of the Institute.

(b) Training :

(i) Practical training for a period of not less than twelve months as specified in Regulation 17(1)

(ii) Such other training which the Authority may specify from time to time.

Explanation: Any person who has undergone the requisite training for obtaining a license to act as a Surveyor and Loss Assessor, as stated above may have to undergo such other training as may be specified by the Authority.

(c) Examination:

Passing of relevant paper(s) of Surveyor and Loss Assessor Examination conducted by the Insurance Institute of India, Mumbai or any other Institute recognized by the Authority.

Explanation: Any person who has, as on the date of notification of these Regulations, successfully completed the examination for obtaining a license to act as Surveyor and Loss Assessor, is exempt from taking examination once again stated under 3(2)(c) above.

(3) Documents to be enclosed:

(a) Application in Form-IRDAI-1AF duly complete in all respects.

(b) Copy of Membership certificate issued by the Institute, indicating Student Membership No, Date of Issue, etc.

(c) Recent passport photo

(d) Copy of PAN Card

(e) Address Proof

(f) Proof of qualification (notarized)

(g) Training completion certificate (in original)

(h) Copy of quarterly reports (for the previous 4 quarters)

(i) Copy of marks sheet in support of having passed the Surveyor and Loss Assessor examination as provided under Regulation 18 of these Regulations

(j) No Objection Certificate from employer, if employed (in original)

(k) Affidavit as stated at sl no 2 of FORM- IRDAI-1-AF (to be uploaded in soft form at the time of submission of application through online)

(l) Self addressed envelope of 4.5”x10” with minimum of Rs.40 postage stamp

(m) Demand draft, in case fee is paid by DD

(n) Details of fee payment by RTGS/ NEFT, if paid through RTGS/ NEFT

(o) Any other document/information that may be required by the Authority from time to time

(Copies of documents other than (f), (g), (j), (l), (m) and (n) shall be self-attested)

(4) Disclosures:

(a) Every licensed Surveyor and Loss Assessor is required to submit a declaration stating that he/she shall file with the Authority, any changes in the information submitted to the Authority within 15 days of such change and apply in the FORM-IRDAI-17-AF as given in Schedule II to these Regulations, for grant of modified license. The license issued by the Authority (in original) shall be surrendered at the time of application for grant of modified license.

(b) Every licensed Surveyor and Loss Assessor shall submit such other information as may be required by the Authority from time to time.

(5) Payment of fees –

The applicant shall pay fees as provided under Regulation 5, through online net banking / RTGS/ NEFT/ Demand Draft in favour of IRDAI and furnish evidence of payment.

(6) Application to conform to the requirements –

An application, not complete in all respects and not conforming to the instructions specified in the application form and these Regulations, shall be rejected. Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, if any.

(7) Furnishing of information, clarification and personal representation –

(a) The Authority may require an applicant to furnish any further information or clarification for the purpose of examination of the application, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority.

(b) The applicant shall, if so required, appear before the Authority for a personal representation in connection with their application.

(8) Consideration of application –

(a) The Authority, while considering the application made under Regulation 3(1) for grant of license as a Surveyor and Loss Assessor, take into consideration all matters relating to the duties, responsibilities and functions of Surveyor and Loss Assessor and satisfy itself that the applicant is a fit and proper person to be granted a license.

(b) Without prejudice to the foregoing, the Authority shall take into account the following and satisfy itself that the applicant:

(i) meets all the requirements of Section 64UM read with Section 42D of the Act and fulfils the eligibility criteria set out in Regulation 3 of these Regulations.

(ii) has not been refused in the past one year the grant of a license as Surveyor and Loss Assessor by the Authority

(iii) is not suffering from any of the disqualifications specified under Section 42D of the Act;

(iv) possesses the specified qualifications, has undergone practical training and has passed an examination conducted by the examination body.

(9) Grant of license:-

The Authority on being satisfied that the applicant is eligible for grant of license, shall grant the same in FORM-IRDAI-2-LF as given in the Schedule II to these Regulations, mentioning the level of membership granted by the Institute, particular class/ department or subject of general insurance business namely, fire, marine cargo, marine hull, engineering, motor, miscellaneous, crop insurance and loss of profit.

(10) Validity of License:-

The license granted shall be valid for a period of three years.

(11) A Surveyor and Loss Assessor, whose license has been cancelled or suspended for any reason, may submit an application for issuance of license, after the expiry of one year from the date of such cancellation or suspension, and such application shall be treated as a fresh case, and, accordingly, the applicant shall satisfy all the requirements of Regulation 3(2) above.

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