Insurance Surveyors and Loss Assessors Licence

Insurance Surveyors and Loss Assessors Licence

Insurance firms are set up to cover losses of individuals and companies. Insurance is a system of indemnity in which the insurance firm would indemnify the party in case of loss or other forms of financial burden.  When the policyholder takes out insurance for a property, the insurance company will send an insurance surveyor to calculate the amount of loss. Once this occurs, the insurance company would enter into a contract with the policyholder setting out the terms of the contract and the insurance payable to the policyholder.  Surveyors and loss Accessors are appointed by insurance companies to determine the amount of actual loss in happening of events which are beyond the control of the parties.

Insurance Surveyors and Loss Assessors are appointed by insurance companies that insure fire, property, and other risks caused to the insured. Insurance Surveyors and Loss Assessors act as an intermediary between the insurance company and the insured. Indirectly they help in quickening the claim process related to the loss caused to the insured.  Insurance Surveyors and Loss Assessors Licence is required by an individual or a company wanting to practice as an Insurance Surveyor and Loss Assessor.

Requirements for applying for Insurance Surveyors and Loss Assessors Licence

According to the regulations prescribed by the Insurance Regulatory and Development Authority of India (IRDAI), there are several requirements to secure the Insurance Surveyors and Loss Assessors Licence. Under the IRDAI, both individuals and corporates can apply for becoming an Insurance Surveyor and Loss Assessor. For an individual, there are particular requirements to be fulfilled. An individual should become a member of the IRDAI to get a valid license. A student member is an individual registering as a trainee to secure the licence. Fellow member is an individual holding membership for eight years, and an associate member is an individual holding membership for 16 years. A company can be a surveyor and loss assessor.

Insurance Companies who require Surveyors and Loss Assessors

Why are Insurance Surveyors and Loss Assessors Licence required

• Ensure that the insurance surveyor and loss assessor have enough training and skills to deal with insurance.
• To ensure that there is compliance with relevant laws and regulations.
• To monitor activities related to insurance surveyors and loss assessors.
• To act as an intermediary between the insurance company and the policyholders.
• To assist in the process of settlement of insurance claims.

Who Regulates Insurance Surveyors and Loss Assessors Licence

The primary regulatory authority for the Insurance Surveyors and Loss Assessors Licence is the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Act 1938 and the Insurance Regulatory and Development Act 1999 are the regulations behind Insurance law. Apart from this, the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015 deal with the rules related to Insurance Surveyors and Loss Assessors.

Eligibility criteria for Insurance Surveyors and Loss Assessors Licence

The Government and the IRDAI has prescribed specific requirements for Insurance Surveyors and Loss Assessors Licence.

An applicant can be an individual or a company that is registered under the Companies Act 2013. A partnership that is registered under the Limited Liability Partnership Act 2008. A Partnership registered under the Partnership act 1932 can also be eligible. Companies are registered as corporate surveyors.

Individual

• Enroll as a Student Member with the authority.
• Qualifications- Qualifications would depend on the type of insurance coverage.

1) Fire Insurance- Bachelor of Engineering, B.TECh,  CA, ICWAI, Post Graduate Diploma in Insurance.

2) Marine and Cargo Insurance-  Similar qualifications of fire insurance (Excluding CA and ICWAI). Apart from this Shipping Degree or Masters Degree Certificate in Shipping or Naval Engineering or Naval Architecture.

3) Marine and Hull Insurance- Similar qualifications to Marine and Cargo Insurance.

4) Engine Insurance- Bachelor of Engineering, B.TECh, A.I.M.I.E., or its equivalent.

5) Motor Insurance- B.E./ B.Tech./ B.Sc. (Engg.)/ A.I.M.I.E. or its equivalent, Mechanical Engineering or Automobile Engineering.

6) Other Insurance- Qualifications would depend on the area of expertise and subject matter of the insurance.

7) Loss of Profits Insurance (LOP)- CA, ICWAI, A.I.I.I./ F.I.I.I.

8) Crop Insurance- B. Sc. in Agricultural Science from a recognized University.

• The individual has to be a member of the IRDAI authority.
• Training and requirements should be not less than 12 months as per the authority
• Examination- The individual has to pass the examination conducted by the IRDAI. The exam is conducted by the Insurance Institute of Mumbai or any other institute that is recognized by the authority.
• Payment of Fee as prescribed by the authority.

Company/ Corporate

• The Directors or partners of the company or the firm have to satisfy the eligibility criteria, which is met by an individual applying for Insurance Surveyors and Loss Assessors Licence.
• Apart from this, the directors and partners of the company or the firm must not be disqualified under any law in force.
• Two Directors or Partners must be a member of the Institute and are licensed to act as a Surveyor and Loss Assessor.  If the director or partner of the company or firm has the membership, then the membership will be present for the company or firm.
• The partner or the director shall apply for the application regarding the licensed surveyor and loss assessor.
• The main objects of the company or partnership is to carry out Insurance Surveyors and Loss Assessment Business.
• The name of the company must have the words "Insurance Surveyor and Loss Assessors."
• The government would determine foreign equity shares in the insurance firm from time to time.
• The promoter or subscriber should not have more than one corporate surveyor licence.
• An entity that is directly or indirectly connected with the applicant should not be refused an Insurance Surveyors and Loss Assessors Licence.

Process / Procedure for Applying for an Insurance Surveyors and Loss Assessors Licence

Individuals and corporations can make application for Insurance Surveyors and Loss Assessors Licence.

Application Procedure for an Individual

• The applicant should make an application to the authority for grant of licence. The application must be made in FORM–IRDAI-1- AF.
• The applicant must pay the fees of Rs. 1000/- as prescribed by the authority.
• The fees can be paid online through the following modes: net banking / RTGS/ NEFT/ Demand Draft in favor of IRDAI.
• The application must conform to the requirements of the authority.
• The authority can ask the applicant to furnish more information if the authority feels that the information given is not sufficient to consider the application.
• The applicant also can appear before the authority.

Application Consideration for an Individual Applicant

• Before granting the application for Insurance Surveyors and Loss Assessors Licence, the authority will consider all the duties performed by surveyors and loss assessors.
• The applicant should not be disqualified under any law in force.
• The applicant licence should not have been refused in the past year for grant of the above licence.
• The applicant possesses the necessary qualifications and practical training as per the requirements of the authority.

Grant of Licence

• The authority on being satisfied that the application conforms with the requirements will grant the licence under FORM-IRDAI-2-LF.
• While granting the membership to the applicant, the authority will also mention the membership level of the applicant and the Institute in which the applicant has membership. The authority would also specify the subject or department in which membership is granted for.

Application Procedure for Company or Partnership (Corporate Surveyor)

•  An applicant for securing the licence of the corporate surveyor must make an application to the authority in Form IRDAI-3-AF.
• The applicant must pay the fees of Rs. 1000/- as prescribed by the authority.
• The fees can be paid online through the following modes: net banking / RTGS/ NEFT/ Demand Draft in favor of IRDAI.
• The application must conform to the requirements of the authority.
• The authority can ask the applicant to furnish more information if the authority feels that the information given is not sufficient to consider the application.
• The applicant also can appear before the authority.

Application Consideration for Company/ Partnership Firm

• Before considering the application, the authority will consider all the duties and responsibilities carried out by an Insurance Surveyor and Loss Assessor.
• The corporate surveyor must satisfy the requirements of being Fit and Proper as per the requirements of the authority.
• The applicant must not be disqualified under any law in force.
• The applicant must not have been refused a licence in the past one year.
• For an Insurance Surveyors and Loss Assessors Licence to be considered, the eligibility criteria have to be met.

Grant of Licence

• The authority on being satisfied that the application conforms with the requirements will grant the licence under FORM-IRDAI-4-LF.

Conditions related to the License (Corporate Surveyor)

• Survey and Loss Assessment jobs can only be conducted at a departmental level. This must be according to the membership of the directors and partners of the firm or company.
• Another corporate surveyor cannot appoint the key executives ( directors and partners).
• An individual surveyor and loss assessor working as an employee in a company would only take responsibility for conducting insurance survey and loss assessment for the company. The individual surveyor must act according to the membership.
• Surveys that are done by the company or the firm must be equal to the resources of the firm and the number of individual surveyors employed by the company.
• The Insurance Surveyor and Loss Assessor must maintain electronic records of claim wise details conducted by the firm. The corporate surveyor must have systems in place to ensure that the authority has access to such information and records.

necessary papers required Insurance Surveyors and Loss Assessors Licence.

necessary papers required to be submitted  for a new application for an Individual Insurance Surveyors and Loss Assessors Licence

• Application in Form-IRDAI-1AF duly complete in all respects.
• Copy of Membership certificate issued by the Institute, indicating Student Membership No and Date of Issue of the Membership.
• Recent Passport Photo.
• Copy of PAN Card.
• Address Proof.
• Proof of Qualification (notarized).
• Training completion certificate (in original).
• Copy of quarterly reports (for the previous four quarters).
• Copy of marks sheet in support of having passed the Surveyor and Loss Assessor examination.
• No Objection Certificate from employer, if employed (in original).
• Affidavit related to FORM- IRDAI-1-AF (to be uploaded in the soft form at the time of submission of application through online).
• Self-addressed envelope of 4.5"x10" with a minimum of Rs.40 postage stamp.
• Demand draft, in case fee, is paid by DD.
• Details of fee payment by RTGS/ NEFT, if paid through RTGS/ NEFT.
• Any other necessary paper/information that may be required by the authority from time to time.
• A declaration has to be submitted by the individual applicant that if there is any change, the same will be intimated to the authority within 15 days. This declaration must be made in the FORM-IRDAI-17-AF.

necessary papers required to be submitted for a new application for Corporate Insurance Surveyors and Loss Assessors Licence

• Application in Form-IRDAI-3-AF duly completed in all respects.
• Copy of Membership certificate issued by the Institute to the directors/ partners, indicating.
• Membership No and Date of Issue.
• One recent photo of the directors/ partners.
• Copy of Surveyor and Loss Assessor license of directors/ partners.
• Copy of certificate of incorporation issued by Registrar of Companies in case of company.
• Copy of Partnership deed in case of a firm duly signed by all the partners.
• Copy of Memorandum and Articles of association of the company.
• Copy of Form no DIR-12 filed with Registrar of Companies.
• Copy of Form no INC-22/23 filed with Registrar of Companies.
• Copy of Form no 20B/Form SH7, as the case may be, filed with Registrar of Companies.
• Copy of TAN(Tax Deduction and Collection Account Number).
• Proof of qualification of directors/partners.
• Copy of PAN No and Address Proof of directors/ partners.
• Affidavit related to FORM-IRDAI-3-AF including whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of a license/ registration by the authority.
• Fit & Proper statement made by the directors/ partners.
• Self-addressed envelope of 4.5"x10" with a minimum of Rs.40 postage stamp.
• Demand draft, in case fee, is paid by Demand Draft (DD).
• Details of fee payment by RTGS/NEFT, if paid through RTGS/NEFT.
• Any other necessary paper/information that may be required by the authority from time to time.
• The individual surveyor has to make a declaration that all survey jobs have been complete, which is entrusted to the individual. When the company has appointed the individual surveyor, the individual surveyor must not carry out individual insurance surveyance.
• A declaration has to be submitted by the directors or partners regarding any change or death of the directors or partners. Any change in pattern must also be communicated to the authority. Any material changes must be mentioned in FORM-IRDAI-18-AF. Such changes have to be communicated to the authority within 15 days.

necessary papers for renewal of Insurance Surveyors and Loss Assessors Licence

Records required to be submitted for renewal of Individuals Insurance Surveyors and Loss Assessors Licence

• Application in Form-IRDAI-5-AF duly completed in all respects.
• Recent photo.
• Copy of PAN Card.
• Address Proof.
• Proof of qualification (notarized).
• No Objection Certificate (NOC) from employer, if employed (in original).
• Work performance in Form- IRDAI-12 (to be uploaded in soft form for the previous three financial years).
• Affidavit of FORM-IRDAI-5-AF.
• Copy of Membership Certificate issued by the Institute.
• Self-addressed envelope of 4.5"x10" with a minimum of Rs.40 postage stamp.
• Demand draft, in case fee, is paid by DD.
• Details of fee payment by RTGS/ NEFT, if paid through RTGS/ NEFT.
• Any other necessary paper/information that may be required by the authority from time to time.

necessary papers required to be submitted for renewal  for a corporate Insurance Surveyors and Loss Assessors Licence

• Application in Form- IRDAI-6-AF duly completed in all respects.
• One recent photo of directors/partners.
• Copy of Surveyor and Loss Assessor license of directors/ partners and their Membership details.
• Copy of Certificate of Incorporation issued by Registrar of Companies in case of company.
• Copy of Partnership Deed in case of a firm duly signed by all the partners.
• Copy of Memorandum and Articles of Association of the company.
• Copy of Form no DIR-12 filed with Registrar of Companies.
• Copy of Form no INC-22/23 filed with Registrar of Companies.
• Copy of Form 20B/ Form SH7, as the case may be, filed with Registrar of Companies.
• Copy of TAN (Tax Deduction and Collection Account Number).
• Proof of qualification of directors/partners.
• Copy of PAN Card and Address Proof of directors/ partners.
• Affidavit of FORM-IRDAI-6-AF.
• Self-addressed envelope of 4.5"x10" with a minimum of Rs.40 postage stamp.
• Work Performance of the company /firm (to be uploaded in soft form for the previous three financial years) (as per Form – IRDAI – 12).
• Demand Draft, in case fee, is paid by DD.
• Details of fee payment by RTGS/NEFT, if paid through RTGS/NEFT.
• Any other necessary paper/information that may be required by the authority from time to time.
• Fit and proper statement.

Validity for Certificate of Registration for Insurance Surveyors and Loss Assessors Licence

The validity of an Insurance Surveyors and loss assessors license would be three years for individuals and companies.

Insurance Surveyors and Loss Assessors Licence renewal in India

• The application for renewal of individual and corporate Insurance surveyors and loss assessors licence in India must be made through online mode.
• The renewal of the certificate must be done 30 days before the expiry.

1) For Individuals- FORM-IRDAI-5-AF.

2) For Corporates- FORM-IRDAI-6-AF.

• A fee of Rs. 100/- must be paid as a renewal fee to the authority.
• After six months of expiry of an application, the authority can accept an application from the applicant if there were undue hardships and reasons which were beyond the control of the applicant.
• If the application conforms with the requirements, then the authority will renew the insurance surveyors and loss assessors licence.

How can Enterslice help in securing Insurance Surveyors and Loss Assessors Licence

• We file the application form on your behalf to get the Insurance Surveyors and Loss Assessors licence for your business.
• We monitor and track the status of the application on behalf of the client.
• We value your time and money.
• We also offer post compliance services for your insurance surveyors business.