The Insurance Regulatory and Authority of India have set up a procedure for insurance companies...
The article envisages about, IRDAI norms related to Insurance Surveyors and Loss Assessors. The objective of the amendment is to amend the Insurance Regulatory and Development Authority of India –IRDA (Insurance Surveyors and Loss Assessors) Regulation, 2015. The amendment relates to providing the enabling environment to the Insurance Surveyors and Loss Assessors for rendering the services to the policyholders. The amendment shall affect the IRDA Insurance License holders.
Notification F.No. IRDAI/Reg/4/170/2020
The central aspect of the notification of IRDAI norms relates to the Application for and matters relating to, the grant of License to Individual Surveyors, and Loss Assessors under the IRDA Insurance License holders. It relates to the Application for grant of new corporate license and related matters such as fee structure, Application for allotment of renewal license of individual, corporate surveyor, and loss assessor, and changes in the duties and responsibilities of surveyor and loss assessor.
Who is an Insurance Surveyor?
As per the IRDAI norms,
Section 64 of the UM of the Insurance Act, 1938 has mandated the licensing of Surveyors and Loss Assessors for settlement of losses above Rs 20, 000 given under the policy of general insurance. The insurance surveyors and loss assessors are the service provider for the motor and fire insurance claim to the company – the general insurance company. Their work is to carry out the claim surveys and estimate the quantum of losses. IRDA has been authorized to license the eligible persons, to act as a surveyor and loss assessor. IRDA has framed the Insurance Surveyors and Loss assessors (Licensing & Professional requirement & code of conduct) Regulations, 2000, the powers vested under the Section 42D, 64UM, and 114A of the Insurance Act 1938 and section 26 of IRDA Act 1999.
The changes are in the regulations of the IRDA (Insurance Surveyors and Loss Assessors) Regulation, 2015 are such follows:
According to this Regulation, the Application for and the matters relating to the grant of license to individual Insurance Surveyor and loss assessor has been changed. As per the new regulation 3 (1), it states, that every person who is a student member as defined under rules and intending to act as Insurance Surveyor and Loss Assessor of the general insurance business shall apply to the authority for the grant of license in the form prescribed by the authority. There is defined eligibility and passing of examination criterion,
According to this regulation, it specifies the grant of license. The regulation has been amended. The new regulation adds that, the authority shall grant under the FORM-IRDAI-2-LF as given in the Schedule-II, on being satisfied that the applicant is eligible for the grant of license and when applied online, after mentioning his membership number and particular class and department or the subject of general insurance business such as-fire, motor, cargo, marine, loss or profit, crop and miscellaneous. The physical copy shall be issued on filing the Application for it.
According to this Regulation, it specifies the grant of Application for the new corporate license. The regulation has been amended. The new regulation states that, the new form FORM-IRDAI-17-AF has been specified for obtaining the corporate Surveyor and Loss Assessor license.
According to this Regulation, the fees structure has been laid down. The amendment has changed it. The fees payable for the grant of Individual Insurance Surveyor License and Loss Assessor is 1000 rupees and for being a corporate surveyor and Loss Assessor is Rs. 5000. The fees are non-refundable, which is applied for grant and renewal of the license.
The purpose of the amendment is to regulate the working and functioning of the Insurance Surveyors and Loss Assessors. They play a vital role in granting insurance. The insurance sector is at boom, and some changes will modify the functioning where the insurance companies are being troubled in passing the un-necessary claims.
The primary aim of the amendment is to attract the younger generation for the roles or appointment as Insurance Surveyor and Loss Assessor. The IRDAI has decided to amend the regulatory framework of the IRDA (Insurance Surveyors and Loss Assessors) Regulation, 2015).
It can be computed that the in the insurance claim, payment is the truth and reality. The insurance surveyor plays a crucial role in disbursing that claim. He assesses the loss and evaluates for the general insurance claims.
It can be concluded that the amendment is with purview of IRDAI norms for the insurance surveyors and loss assessor with the purpose to increase the assessment of loss limit, to reduce the litigation in it. The limits have been revised and expanded from Rs.50, 000 to Rs.75, 000 in Motor Insurance and others from Rs1, 00,000 to Rs.1.5 Lakhs in other than Motor Insurance cases. The limits have been amended to hike the self-assessment for the customers. Now, customers will not have to wait for the number of days for the insurance surveyor to assess their claim. The amendment will ease the business of the insurance companies in case of the other claims. It is regarded as a customer-friendly move.