Renewal Process of Insurance Surveyor License

Surveyor and Loss assessor Registration

Renewal Process of Insurance Surveyor License

What is an Insurance Surveyor?

An Insurance Surveyor and Loss Assessor is an Insurance Intermediary operating in the financial sector. The IRDAI, or the Insurance Regulatory and Development Authority of India, issues the Surveyor permit to eligible businesses for the following purposes:

These can arise from contingency on behalf of the Insurer and the Insured. He is designated to carry out his work with competence, objectivity, and professional integrity. He must submit himself to the code of conduct stipulated as per the IRDAI’s Regulations.

 

Laws governing the behaviour of an Insurance Surveyor in the Market

The following are the sections as well as requisite regulations for the registration, operations, renewals, and maintenance of Surveyors & Loss Assessors Firm in India:

 

Functions of a registered Insurance Surveyor

We have enlisted the functions of an Insurance Surveyor in the Market as per the stipulations of the IRDAI in the following points, so read carefully:

Process of Insurance Surveyor registration

We have elaborated on the defining steps in the process of Insurance Registration in India:

Enrol at the official website

Appear for and Pass the Surveyor Examination

Once the IRDAI approves the Enrollment Application and the prospective candidate’s name is on the list of eligible candidates for the III Surveyor Examination, he can register for the tests.

Appear for the requisite Training

After clearing the exam in his choice of business, the applicant must begin training at the Surveyor / Institutional Training as selected at the time of his examination enrollment.

Apply for the Fresh Surveyor License with the IRDAI

After training completion, the Surveyor applicant must submit the registration application for Surveyor License, supplementing it with the required documents on the BAP portal.

 

Renewing Insurance Surveyor permit with the IRDAI 

Any Registered Insurance Surveyor can apply for the License Renewal on the official IRDA License Portal www.irdabap.org.in. The validity of an Insurance Surveyor license can be renewed every three years.

Period for Renewal Application filing

 

Before License Expiry:

Insurance Surveyors can submit the renewal application 90 days before the license expiry date. The Authority can penalize the Surveyor with a late fee of a hundred rupees. This excludes a thousand rupees amount as a renewal fee.

After License Expiry:

The renewal applicability of the Surveyor License is 30 days before of surveyor license expiry. After the license expiry, a late fee of Rs. 750/- will be levied on the ex-Surveyor. He can apply for the renewal procedure six months after the license expiry date.

Renewal Procedure

  1. Log in to your official account on the official portal
  2. Submit the last three years' Form 12 to the Registrar
  3. Initiate renewal application with the Authority in the Form 5AF
  4. Upload the following documents:
    1. ID Proof
    2. Address Proof
    3. IIISLA Membership Certificate
    4. Surveyor’s Qualification Certificate
    5. FORM 20 AF, for Fit and Proper statement of the Company Personnel
    6. Partner/Director Affidavit
    7. Passport Size Photo
  5. Pay the license renewal processing fee
  6. Submit the application to the Authority

 

 

To learn more about the Insurance Surveyor and its licensing procedure, connect with the IRDAI experts at Registrationwala.

 

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