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The Insurance Surveyors and Loss Assessors are service providers closely associated with the Insurance Company. During the time of Insurance claims, the Surveyor and Loss Assessors are required to ascertain the damage and determine the genuineness of those claims. The Indian Regulatory Development Authority (IRDAI) authorizes individuals to act as Surveyors and Loss Assessors. There are two types of registration.
Table of Contents
The following, inter alia, be the duties and responsibilities of the Insurance Surveyors and Loss Assessors.
The Insurance surveyor or loss assessor shall submit the report to the Insurer as soon as possible, at most 30 days.
The IRDAI (Insurance Surveyors and Loss Assessors) Regulation, 2015 provided a set of procedures to grant a license to Individual Insurance surveyors and Loss Assessors and Corporate surveyors.
Who can apply?
Any person who is a student member under these Regulations, 2015, and who intends to work as a Surveyors and Loss Assessors in a general insurance business may apply to the Authority for a grant of license in the Form as specified by the Authority.
The procedure is as follows
Insurance surveyors and Loss Assessors are insurance intermediaries licensed by IRDAI to manage, monitor, deal with the losses on behalf of the Insurer and Insured and, prepare a report thereon, and carry out the work under the code of conduct stipulated under the Law/Regulation. The procedure to obtain individual or corporate surveyors and Loss Assessors licenses shall incorporate with the Regulation.
Read our Article: IRDAI Amends Norms Related to Insurance Surveyors and Loss Assessors: Analysis
Minakshi Bindhani has completed LL.M. with a specialization in Criminal Law from Madhusudan Law University, Cuttack, Odisha. She is more inclined toward legal research and writing and have prior experience in Civil and Criminal litigation and content writing.
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