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Requirements for issue of a licence for Insurance Surveyor or Loss Assessor

Requirements for issue of a licence for Insurance Surveyor or Loss Assessor

Regulation 3 of the Insurance Surveyors and Loss Assessors (Licensing, Professional and Code of conduct) Regulations, 2000 specifies the requirements for issue of a licence:

(a) He holds a degree in any branch of engineering (or) Post graduate diploma in general insurance issued by Institute of Insurance and Risk Management (or) a Degree in Agriculture (or)

(b) He is a member of the Institute of Chartered Accountants of India or the Institute of Cost and Works Accountants of India (or)

(c) He possesses actuarial qualifications or holds a degree or diploma of any recognised university or an institute in relation to insurance (or)

(d) He holds a diploma in insurance granted or recognised by the Government (or)

(e) He holds such other technical qualifications as prescribed by IRDA (and)

(f) He does not suffer from any of the disqualifications mentioned in section 42(4) Where the entity is a company or a firm, all the directors or partners shall possess one of the qualifications as prescribed above and none of the directors or partners suffer from any of the disqualifications mentioned as above (and)

(g) Payment of fees based on the categorisation of the applicant (and)

Insurance
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

(h) Has undergone practical training as a Student-member under a licensed Surveyor and Loss Assessor (who shall be a Fellow or Associate member of the Institute) for a period of 12 months as contained in Chapter VII (persons who have more than 15 years experience in risk management and general insurance are exempt from this training) (and)

(i) Has passed the Surveyor examination conducted by the Insurance Institute of India or such other institute recognised by IRDA (and)

(j) Has undergone the special training provided by the Indian Institute of Surveyors and Loss Assessors for 100 hours for Fellowship, 50 hours for Associate and 25 hours for Licentiate level (and)

(k) He attends seminars and workshops organised by the Institute for a minimum number of seminars, viz., 10 seminars for fellowship, 8 for Associateship and 5 for Fellowship level

Where the applicant is a company or firm, all the directors or partners, as the case may be, shall possess one or more of the qualifications specified above and does not suffer form any of the disqualifications mentioned in Section 42D(4) of the Insurance Act, 1938. Atleast 2 Directors or partners shall be members of the institute and shall hold the licence to act as a surveyor and loss assessor. The level of membership or the department to which the directors or partners belong to shall become the level of membership or the department for the company or firm. Employees of the company of the firm, who are licensed as surveyor and loss assessor shall undertake survey only in those areas allotted to them based on the level of membership and the department to which they are eligible as per their individual licence. However this eligibility is subject to the level of membership or the department of the company or the firm (which is dependent on the directors/partners eligibility as above).

The following are the further conditions prescribed:

(a) Foreign equity in the Surveyor and Loss assessor entity shall not exceed 26%

(b) Common directors or partners between two Surveyor and Loss assessor entities prohibited

(c) One Promoter or Subscriber can have only one Surveyor and Loss assessor licence

(d) Main objects clause of the deed of constitution shall contain the activity of “to carry our insurance survey and loss assessment”

(e) Name of the Company or firm shall contain the words “Insurance Surveyors and Loss Assessors”

IRDA, on being satisfied that the applicant is eligible for issue of a licence shall send an intimation to the applicant together with an identity card mentioning the particular class or category of general insurance business, namely, fire, marine cargo, marine hull, engineering, motor, miscellenous and loss of profit, for which the Authority has granted licence.

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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