Insurance Surveyors and Loss Assessors License: An Overview Are you an individual or an entity who wishes to engage in insurance surveying and loss assessing? If so, obtain an insurance surveyors and loss assessors license with our expert guidance. The insurance surveyors and loss assessors license enable individuals or entities to investigate, manage, qualify, validate, and address losses from various incidents on behalf of insurers and insured parties. IRDAI (Insurance Regulatory and Development Authority of India) is responsible for regulating the Insurance Surveyors and Loss Assessors License. Furthermore, the insurance surveyors and loss assessors license must be mandatorily required by an individual or a company for determining the amount of actual loss in happening of events that are beyond the control of parties. Are you willing to work in claim assessment within the insurance sector in India? If so, apply for insurance surveyors and loss assessors license with our experts and ensure fair practices in the insurance claim process. Who are Surveyors and Loss Assessors? Insurance Surveyors and Loss Assessors are insurance intermediaries between the insurance company and the insured. They indirectly help quicken the insurance claim process related to the loss caused to the insured. Regulation 12 of the IRDAI (Insurance Surveyors and Loss Accessors) Regulation, 2015 authorizes the appointment of surveyors and loss assessors in India, which independently serves as a link without being influenced by both parties. Who Needs Insurance Surveyors and Loss Assessors License? The list of companies that require insurance surveyors and loss assessors licenses in India is as discussed below: Crop Finance Companies Fire Insurance Companies Marine and Cargo Insurance Companies Marine Hull Insurance Companies Engine Insurance Companies Motor Insurance Companies Other Insurance Companies Benefits of Obtaining IRDAI Surveyor and Loss Assessor License Securing an IRDAI surveyor and loss assessor license offers numerous benefits to insurance business enthusiasts. Given below are the significant benefits of acquiring insurance surveyors and loss assessors license- Legal Compliance: Holding a license for insurance surveyors and loss assessors ensures you comply with regulatory requirements, keeping legal issues and penalties at bay. Increased Earning Potential: Licensed surveyors and assessors with an insurance surveyors and loss assessors license often command higher fees and salaries due to their expertise and credentials. Networking Opportunities: Securing an IRDAI surveyor and loss assessor license can connect you with industry professionals and associations, helping you grow your network. Expanded Career Opportunities: Professionals with a loss assessor license can access a wider range of growth opportunities in the insurance and risk management sectors. Professional Credibility: Acquiring an IRDAI surveyor and loss assessor license enhances your professional reputation, signalling to employers and clients that you possess the key skills and knowledge. Monitor Activities: The applicants seeking insurance surveyors and loss assessors licenses ensure monitoring of activities related to insurance surveyors and loss assessors. Settlement of Claims: The acquisition of an insurance surveyors and loss assessors license assists the applicants in facilitating the smooth process for settlement of the insurance claims. Types of Insurance Surveyor License In India, insurance surveyors are divided into two types with different functions in the insurance industry. Have a look over the two categories of insurance surveyor license as provided below: 1. Individual Surveyor Individual surveyor license is given on an individual basis. The individual surveyors having access to personal insurance claims work independently for the evaluation of property damage, reviewing personal belongings, and calculating the extent of loss. 2. Corporate Surveyor Corporate surveyor licenses are issued to business entities that typically work for larger firms or insurance companies. The corporate surveyors assess the risks associated with the property, liability, and worker’s compensation of the business. Market Size of Insurance Surveyors and Loss Assessors The current market size of the Indian insurance industry is influenced by factors like increased value insurance penetration, rising claims, regulatory changes, and technological advancements. Furthermore, the statistics reflecting the market size of the insurance surveyors and loss assessors license is expected to reach $200 billion by the year 2027. How do Insurance Surveyors and Loss Assessors Make Money? Licensed insurance surveyors and loss assessors make money by charging fees for their services, which are usually paid by the insurance company or policyholders who hire/ appoint them. Moreover, they earn a decent amount of money for their claims as prescribed by the revised fee schedule of GIPSA. Eligibility for Insurance Surveyors and Loss Assessors License The Government and the IRDAI have prescribed specific requirements for Insurance Surveyors and Loss Assessors Licenses. The applicant applying for the insurance surveyors and loss assessors license can be either an individual or a company registered under the Companies Act, 2013. Have a look over the following eligibility criteria as discussed below: 1. Individual An individual enrolled as a student and member of the IRDAI. The individual must possess either a degree for Bachelor of Engineering, B.Tech, a post-graduate diploma in insurance, a master's degree certificate in shipping or naval engineering, naval architecture, B.Sc. (Engg.), automobile engineering, or other relevant qualifications, depending upon the type of insurance coverage. 2. Examination The individual seeking to apply for surveyor loss assessor license must pass an examination conducted by the Insurance Institute of Mumbai or any other institute that is recognized by the authority. 3. Corporate/ Company A corporate entity/ company comprising of the directors/ partners/ members not disqualified under any law in force. The directors and the members of the company must be members of the Institute (such as ICSI, ICAI, or IIRM) and licensed to act as surveyors and loss assessors. 4. Foreign Equity Shares The government must determine foreign equity shares in the insurance firm from time to time. 5. Training The applicants seeking to apply for surveyor loss assessor license must possess practical training as specified by the Authority from time to time. Documents Required for Surveyor Loss Assessor License The list of documents required to be submitted by an individual or company seeking a Surveyor Loss Assessor License are as listed below: Application Form - IRDA-1AF Membership certificate issued by the Institute Recent Passport-size photograph PAN Card Address Proof Proof of Qualification (notarized) Training completion certificate (original) Quarterly reports (for the previous four quarters) Marks sheet in support of having passed the Surveyor and Loss Assessor examination No Objection Certificate from employer, if employed (original) Affidavit related to FORM - IRDA-1-AF 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 Document/information required from time to time Declaration-cum-undertaking by an individual applicant regarding any change (in FORM-IRDA-17-AF) Undertaking by two licensed Directors as may be specified Fit & Proper statements made by the directors/partners How to Apply for Surveyor Loss Assessor License? The process required to apply for surveyor loss assessor license in India is as discussed below: 1. Filing of Application Every person who is a student member in respect of the general insurance business must apply for the grant of IRDAI surveyor and loss assessor license in India. 2. Comply with Fit and Proper Criteria The applicants seeking to apply for surveyor loss assessor license must comply with the fit and proper criteria as specified under the IRDAI (Insurance Surveyors and Loss Assessors) Regulation, 2015. 3. Payment of Fees The applicant must pay a non-refundable processing fee of Rs. 1,000 only for individual surveyors and loss accessors and Rs. 5000 only for corporate surveyors and loss accessors. 4. Furnish Information/ Clarification The IRDAI must either furnish or seek clarification regarding the application made under Regulation 3/ 4 for the grant of insurance surveyors and loss assessors license in India. 5. Grant of License After due satisfaction with the eligibility criteria, the Authority is eligible to grant the online insurance surveyors and loss assessors license in Form-IRDA-02-AF. Post-Licensing Needs for Insurance Surveyor Registration The post-licensing requirements required to be complied with, after the loss assessors and insurance surveyor registration are as described below: 1. Disclosure of Declaration Every surveyor and loss assessor is required to submit a declaration stating the information regarding the death/ registration/ suspension of the directors and partners holding patterns and such other material changes to the Authority. 2. Duty to Investigate The licensed surveyors and loss assessors must investigate, manage, qualify, validate, and deal with the losses arising from any contingency or any report to the insurer/ insured. 3. Comply with the Code of Conduct Every licensed surveyor and loss assessor must comply with the code of conduct. Furthermore, the applicants must behave ethically and strive for objectivity in professional/ business judgment. Validity of Insurance Surveyors and Loss Assessors License The insurance surveyors and loss assessors license granted under the IRDAI (Insurance Surveyors and Loss Assessors) Regulation, 2015 is valid for a period of three years. The insurance surveyors and loss assessors shall submit the online application for the renewal of the IRDAI surveyor and loss assessor license, at least 30 days before the surveyor license expiry date. Renewal of Insurance Surveyor License The renewal of the application must be made in Form-IRDA-5-AF for individuals, and Form-IRDA-6-AF for corporates, accompanied by fees as prescribed under the IRDAI (Insurance Surveyors and Loss Assessors) Regulation, 2015. Within 6 months of filing the renewal application, the authority accepts and conforms with the requirements required for the renewal of the insurance surveyor License. Fees for Insurance Surveyors and Loss Assessors License The non-refundable fee structure required for acquiring and renewing insurance surveyors and loss assessors license, directly paid to the Authority, is as provided below: Payment of Rs. 1000 only for grant or renewal of individual IRDAI surveyor and loss assessor license. Payment of Rs. 5000 only for the grant or renewal of corporate IRDAI surveyor and loss assessor license. Timeline for Insurance Surveyors and Loss Assessors License The estimated timeline to obtain the insurance surveyors and loss assessors license is around 3 to 6 months. Moreover, the process for obtaining the insurance surveyors and loss assessors license varies depending upon the jurisdiction and efficiency of the licensing authority. Trust Enterslice for IRDAI Surveyor and Loss Assessor License We at Enterslice are blessed with a dedicated network of 200+ IRDAI experts. Our expertise in the acquisition of insurance surveyors and loss assessors licenses in India will help you get the insurance surveyor registration and dominate the insurance industry. Grab the benefits of acquiring your insurance surveyors and loss assessors license with Enterslice. Ensure Smooth Filing of Application Form for your Business Dominating the Insurance Industry with a 70% Market Share 99% Success Rate in Assisting Individuals and Entities in Getting IRDAI Surveyor and Loss Assessor License Consistent Monitoring and Tracking the Status of the Application Saved 15 Lakh+ Hours of Insurpreneurs Offer Post-compliance Services for your Insurance Surveyors’ Business Seamless Document Preparation and Submission for Insurance Surveyor Registration Access to Relevant Training Programs and Resources
The insurance surveyor license is valid for a period of 3 years. Moreover, every license holder is required to apply for the renewal of the application every 30 days prior to the date of expiry of the surveyor license.
A surveyor and loss assessor is an intermediary in the insurance industry licensed by IRDAI to investigate, manage, and deal with the losses emerging out of any contingency on behalf of an insurer or insured.
The following are the qualifications required to be adhered for obtaining the insurance surveyors and loss assessors license in India: An individual must be enrolled as a student and member of the IRDAI Must pass an examination conducted by the Insurance Institute of Mumbai Must be members of the Institute (such as ICSI, ICAI, or IIRM) and licensed to act as surveyors and loss assessors Must possess practical training as specified by the Authority from time to time
The licensed insurance surveyors who are appointed by insurance companies are responsible for assessing the damage caused to the property, whereas the loss assessors are appointed to hold the responsibility of assessing the loss suffered by the policyholders.
As per the requirements of the authority, insurance surveyors and loss assessors should have the necessary qualifications to handle surveys across different areas of insurance. Therefore, the applicant must have the necessary training and skills to provide a survey across all departments related to insurance.
Recruiting an insurance surveyor and loss assessor depends on the amount of loss. If the amount of damage is more than Rs. 20,000/- then the insurance company would require to appoint an insurance surveyor and loss assessor. However, before selecting the surveyor, the insurance company must ensure that they have the prescribed qualifications and license. For motor insurance claims, if the loss is more than Rs. 50,000/- then it is mandatory to hire an insurance surveyor and loss assessor.
One of the main objectives of hiring an insurance surveyor and loss assessor is to calculate the amount of loss based on expert advice. The advice provided by the insurance surveyor and loss assessor would be according to the damage caused to the property or equipment covered by insurance.
No, under no circumstances can there be a delay in the report of the insurance surveyor. However, there can be situations where the insurance survey can be delayed 30 days after the surveyor's appointment. However, the delay in submitting the survey report cannot be over six months.
If there are any discrepancies in the original report submitted by the surveyor, then the insurance company can ask the surveyor to submit an additional report within 15 days of receipt of the original report.
The application for a duplicate surveyor license can be made online with the user credentials provided by the authority. The following Documents would be required to be submitted in hard copy: Copy of valid surveyor license Valid ISLA membership certificate Complete set of Documents as mentioned for fresh surveyor license Copy of FIR for the loss of original valid surveyor license Two Passport size photographs Self-address envelope affixed with a stamp of amount Rs. 40/-
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