An Overview of Insurance Surveyors and Loss Assessors Registration

Insurance Surveyors and Loss Assessors are the helping hands of insurance companies. They usually inspect and evaluate the authenticity of the claims on the company’s behalf. If the insurance company suspects the authenticity of the claim or considers it unfit to entertain, the company contacts the surveyor or loss assessor to evaluate whether the claim is valid or not. To be an Insurance Surveyor and Loss Assessor, one must apply for an IRDA license.

Insurance Surveyors and Loss Assessor registration fall under two categories:

1. Individual Surveyors: Given on an individual basis
2. Corporate surveyors: Issued to business entities

Who can apply for IRDA Insurance Surveyor and Loss Assessor Registration in India?

The applicant, be a person or a company, looking to secure the IRDA Insurance Surveyor and Loss Assessor Registration, must adhere to the following conditions:

• He/she must be a member of an institute such as ICSI, ICAI, or IIRM or;
• He/she must have academic, professional, and insurance qualifications
• He/she must have a clear insurance company examination
• He/she must have undergone the required training as recommended by the IRDA

Note: Entities looking to become corporate surveyor must be registered.

Norms around the Appointment of Surveyors and Loss Assessors

• No person or entity has the right to become a Surveyor and Loss Assessor without a valid IRDA license.
• Surveyors and Loss Assessors can only work with insurers or insured to inspect loss under a given insurance policy concerning the following:
  • Motor insurance – above Rs 50,000
  • Other than motor insurance – Rs 10,00,00
• The aforesaid limit should undergo a review once every three years.
• Appointment of the survey to assess the loss should be made within 72 hrs from the time when the loss came to the attention of the insurer or insured. Notice concerning such an appointment should be shared with the insurer or insured in writing.

A Surveyor and Loss Assessor should assess losses relating to those departments cited in its license.

Duties to be fulfilled by Surveyor And Loss Assessor

Every Licensed Surveyor and Loss Assessor should inspect, administer, validate, estimate, and deal with losses triggered by any contingency.

The loss assessment report should be shared with the insurer or insured. All Surveyors and Loss Assessors must undertake an assessment without prejudice and should adhere to regulatory norms.

The followings are the role and obligations of the Surveyor and Loss Assessor:

• Declare any interest in the subject matter, whether it is formal or informal.
• Notifying the authority about the change(s) made to the information at the time of the grant of the license. The changes should be shared within 15 days of the occurrence of such an event.
• Foster neutrality and secrecy without comprising the insurer’s liability and the insured’s claim.
• Perform vetting and re-vetting of the concerned property encountering a loss.
• Probing, evaluating, and inquiring about the root causes behind the loss in question, including the threshold of loss, ownership’s loss, and insurable interest.
• Perform spot and final surveys whenever the situation demands. Also, provide insights concerning franchise, excess/under insurance, and other subject matters.
• Determine and estimate the threshold of loss encountered by a certain subject.
• Assisting the insurer and the insured with loss minimization, loss curbing, and safety measures, wherever deem fits, to avert future losses.
• Rendering feedback on the claim’s admissibility and evaluating the liability of the insurer in view of policy guidelines.
• Performing survey and loss assessment for the insurance company or insured.
• Catering to the insured’s and insurer’s queries
• providing details concerning percentage, depreciation, and rate of depreciation.
• Provide reasons for the claim’s repudiation, in case policy, does not encompass the claim.
• Getting in touch with subject matter experts whenever required
• Providing feedback on the salvage and its disposal

Note: Any registered surveyor and loss assessor acting as director or partner of a company seeking to be a corporate surveyor license must perform a survey and issue a report. However,  such individuals are bound to act within the scope of their power.

Reporting obligations for a surveyor or loss accessor

• A surveyor or loss accessor is bound to share this report with the serving party in a timely manner (within 30 days, to be specific, from the appointment date).
• The report should be furnished with the report’s copy to the insured, providing this feedback on the insured ‘s consent or otherwise on the loss assessment.
• In special events, owing to its complicated nature, the surveyor can seek an additional timeline for an extension of up to a six-month from the insurer to furnish his report.
• In cases where the survey is not ready because of some paperwork, the surveyor can accord the final report based on the secured documents, rendering the insured a minimum of 3 remainders.
• For instance, if an insurer finds a survey report incomplete, he can prompt the surveyor to share additional reports on such incomplete issues. However, the insurer must do the same within 15 days of receiving the survey report. Likewise, the surveyor, once prompted by the insurer, must get back with the report within three weeks of intimation.

What type of documents are required to apply for IRDA Insurance Surveyor and Loss Assessor Registration in India?

• Company registration and charter documents
• Application form
• Recent photos
• PAN card and Address Proof
• Qualification proof
• Marks sheet related to the Surveyor and Loss Assessor Examination
• Declaration in the prescribed format
• Membership Certificate granted by the Institute
• Fit and Proper statements in the prescribed format
• Proof pertaining to fee submission

Disclosures to be provided by the applicant

• Every registered surveyor and loss assessor should share the declaration confirming to share any changes within 15 days of occurrence. The licensee must surrender the license if applying for a modified license.
• Every registered surveyor and loss assessor is liable to share details as intimated by the authority.
• The applicant is liable to pay the processing cost or fee as per the governing regulations.

How to secure Insurance Surveyor and Loss Assessor Registration?

The process for securing insurance surveyor and loss assessor registration comprises the following stages:

• Paperwork arrangement
• Application filing
• Application vetting conducted by the IRDA
• Grant of license in the form IRDAI-2-LF

Note: The license will stay valid for three days. The license shall enclose the membership number along with the particular class or subject of insurance business such as marine hull, engineering, motor, fire, crop, and miscellaneous.

What are the reasons that trigger the chances of rejection?

The Application for a license can encounter cancellation for the following reasons:

1. In case the applicant fails to adhere to the underlying norms.
2. In case the authority comes across the realization, the grant of license is likely to hamper the policyholders’ interest. But the authority would not take such action until they let the licensee defend their case. 
3. Legally, there is a 30-days timeline within which the authority will communicate the decision and reason for the cancellation of the application with the applicant.
4. Any applicant who finds the authority’s decision unsatisfactory or inaccurate can plead to the Securities Appellate Tribunal within 45 days of receiving the order.

How to apply for Duplicate License in case of any mishap?

• If the licensee somehow lost or damage his/her license, he/she can apply for a duplicate license by filing the prescribed application and submitting the fee.
• Licensee should enclose all the detail in the application including the reason for losing or damaging the license.
• If possible, attach the damaged license with the application.
• The authority shall accord the duplicate license after vetting the application.
• Since the duplicate license is not an original license, the validity of the former will be equivalent to the remaining period of the latter.

Also, the duplicate license must clearly reflect its status - Duplicate license.

Why approach Corpbiz for Insurance Surveyor and Loss Assessor Registration?  

Being an insurance surveyor and loss assessor registration is a difficult job and securing the license for the same is not easy either. IRDA scrutinizes every application with sheer perfection. Hence, getting an application approved from them can be daunting and complicated. That is why we recommend considering professional support in such a scenario. At Corpbiz, our job is to render top-tier services whilst ensuring peace of mind for our clients.