Everything you need to know about Insurance Surveyors

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Everything you need to know about Insurance Surveyors

What are Insurance Surveyors? Well, if you are acquainted with the Insurance Industry of India, you must be aware of the intermediaries operating along with the policy seekers, Insurance & Reinsurance Companies, such as an Insurance Broker or an Insurance Agent. Such intermediaries are essential for insurance policy facilitation to the needful consumers.

They aid in the expansion as well as regularization of the Insurance Sector of India. The initiative for Universal Insurance Coverage in India is seen as an essential cog for realizing the dream of financial inclusion of India. Therefore, such Insurance Intermediaries are essential for a healthy economy. One such Intermediary is Insurance Surveyor. But what does such entity surveys and assesses and how does one become an Insurance Surveyor in India? Let us seek such answers in the following section.

Who is an Insurance Surveyor ?

An Insurance Surveyor, or simply an Insurance Surveyor is an Insurance Intermediary licensed by the Insurance Regulating Authority, i.e., the IRDAI to investigate, manage, quantify, validate and deal with incurred claim losses by the Insurance Companies arising from a contingency of either Insurer or Insured (policy consumers). He or she is also responsible for reporting and carrying out his work with competence, objectivity and professional integrity with strict conformance to the IRDAI’s Code of Conduct stipulated as per the the relevant laws and regulations.

To begin your business as a Insurance Surveyor in India, the interested Businesses must get the Insurance Surveyor registration certificate from the IRDAI. For this, the business must file the Surveyor Registration application with the IRDAI. 

Where can I find reference for Insurance Surveyor regulations in Indian Legislature?

The following are the relevant sections as well as regulations dealing with every aspects of Insurance Surveyor and Loss assessor in India:

• Section 64UM of the Insurance Act of 1938
• IRDAI’s Surveyors & Loss Assessors Regulations of 2015
• IRDAI’s Surveyors & Loss Assessors Amendment Regulations of 2017 and 2020

Functions of an licensed Insurance Surveyor and in India

The IRDAI mandates the following functionalities for every Insurance Surveyor Registration certificate holder in India:

• Every Surveyor in Insurance must investigate, manage, quantify, validate and deal with inccued claim losses arising from contingency(s)
• He is also responsible for estimating, measuring and determining the quantum and description of the claim under loss
• Every Surveyor must inspect and re-inspect the property in question suffering from loss
• He must also conduct spot and final surveys, when necessary and comment upon the franchise, under insurance and other related matter
• Surveyor in Insurance is also expected to issue advisory to Insurer as well as Insured about the following:
  • Loss Minimisation in case of insurance claim
  • Loss Control
  • Security & Safety measures

How to get an Insurance Surveyor License in India?

There are majorly four stages to surpass to become a Licensed Insurance Surveyor in India. We have detailed the requisite steps for your reference in the following sub-sections:

Surveyor Enrollment

The Surveyor applicant must first log on to the IRDA BAP portal and create their own user ID and password. Then, the applicant must apply for and submit the Enrolment Application along with the requisite documents with IRDAI. 

Surveyor Examination

If the IRDAI approves the Enrolment Application and registers the name of the applicant in the list of eligible candidates for III Exam, thereafter the applicant can register for the III Surveyor Examination.

Requisite Training

The Surveyor applicant, after clearing the III examination in his selected business line, must begin requisite training in the mode selected by him or her at the enrollment time. The IRDAI permits the enrolment in any one of the following ways:

• Training under a registered Surveyor 
• Institutional Training for the Surveyor Applicant

Fresh License Application filing

On successful completion of training, the Surveyor Applicant must submit the Fresh Surveyor License application along with the requisite documents with IRDAI on its BAP portal.

Application Assessment and Issue of Surveyor Certificate

Post-submission, the application goes under scrutiny to check the authenticity of the submitted details and documentation. On successful verification, the IRDAI issues the Certificate of Incorporation to the application Surveyor. 

Thereafter, the newly registered Insurance Surveyor can begin his surveying and assessment operations in the market.

Can we modify the existing Insurance Surveyor Registration certificate?

Yes, it can happen. The licensed Insurance Surveyor must file the modification application on the official IRDA portal www.irdabap.org.in The Licensed Surveyor can apply for their surveyor license modification for any fo the following:

• Surveyor name correction
• Address Change of the Surveyor’s Office 
• Addition of LOBs

To apply for modification, login to your registered account on the BAP portal, and fill out the modification application by uploading the any fo the following support documentation.

Documents Submission for Application for Additional Department 

• Surveyor Examination Marksheet
• Enrolment Approval Letter from IRDAI
• Quarterly Training Reports 
• Training completion certificate in the IRDAI Form 16
• Surveyor Qualification Certificate
• Categorisation letter issued by IRDAI
• IIISLA membership certificate
• Surrender of the ORIGINAL Surveyor License

Documents Submission for Change in Address 

• Aadhaar Card
• Bank Passbook
• Post-paid Bill
• Rashan Card
• Passport
• Rent Agreement
• Postal ID card for address
• Gas connection Bill 
• Electricity Bill
• Water Bill
• Utility Bill

Documents Submission for Name Correction 

• Gazette Notification for Name Correction or Change
• Valid ID proof, such as:
  • Pan Card
  • Adhaar Card
  • Voter Card

In each of the case, the licensed Insurance Surveyor must surrender the ORIGINAL license to the Surveyor Department of the IRDAI’s Delhi Office.

For issue of duplicate Surveyor License, the Surveyor must submit a copy of Police report for loss of license and pay an online fee of five rupees.

For more on Insurance Surveyors Registration procedure, refer to our service page, or connect with our Surveyor Consultants.

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