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:
- Individual Surveyors: Given on an individual basis
- 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:
Note: Entities looking to become corporate surveyor must be registered.
Norms around the Appointment of Surveyors and Loss Assessors
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:
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
What type of documents are required to apply for IRDA Insurance Surveyor and Loss Assessor Registration in India?
Disclosures to be provided by the applicant
How to secure Insurance Surveyor and Loss Assessor Registration?
The process for securing insurance surveyor and loss assessor registration comprises the following stages:
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:
- In case the applicant fails to adhere to the underlying norms.
- 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.
- 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.
- 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?
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.