Insurance Regulatory and Development Authority of India
Consequent upon promulgation of Insurance Laws (Amendment) Act, 2015, insurance surveyors and loss assessors are included in the definition of intermediary and insurance intermediary. As a result of the amendments in the Act the existing Insurance Surveyors and Loss Assessors regulations would undergo a change. The draft contains, amongst the others, the following changes.
1) license period reduced to 3 years in line with the Act requirements
2) qualifications to be prescribed in the regulations.
3) limit of survey introduced – motor – above Rs 50,000 and other than motor – above Rs 1 lakh to be decided in consultation with seniors
4) cooling of period after suspension/ cancellation reduced from 3 to 1 year
5) appeal against the decision of Authority to SAT
6) Foreign investment allowed upto 49% as per the Rules of Central Government read with Regulations of the Authority
7) Appeal against the decision of IIISLA in granting membership shall lie with the Authority
8) Fit & Proper criteria for directors/ partners of corporate surveyors introduced
9) Surveyor and loss assessor not to undertake any advisory or consultancy work or any other job which can give rise to conflict of interest
10) Transitory provision – all those surveyors and loss assessor who are currently holding surveyors license shall comply with the requirements of academic qualifications and obtain IIISLA membership with 3 years from date of notification of revised regulations.
11) In case IIISLA does not grant membership of the Institute to the applicant, the applicant can appeal to Chairman, IRDA whose decision shall be binding. In case does not still comply, the Authority may grant surveyor & loss assessor license on merits.
All are requested to offer their comments/suggestions on the proposed regulations for consideration of the same by the department. The comments/suggestions should reach us by 17th April, 2015 in the format attached to the undersigned by e-mail at randip [at] irda [dot] gov [dot] in and also to my colleague Sh. D.S. Murthy at dsmurthy [at] irda [dot] gov [dot] in and nimisha [at] irda [dot] gov [dot] in .
(Randip Singh Jagpal)
Sr. Joint Director