Insurance Surveyors and Loss Assessors Regulations and Regulatory Framework
Insurance Surveyors and Loss Assessors Regulations and Regulatory Framework
This domain tests the statutory architecture that governs surveyors in India: the Insurance Act, 1938, the IRDA Act, 1999, and the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. The examiner looks for precise rules on licensing, conduct, reporting and discipline, not general insurance theory.
Licensing and categories
- A surveyor must hold a licence from IRDAI before surveying any loss for an insurer. Licence categories mirror the classes surveyed: A Fire, B Marine Cargo, C Marine Hull, D Motor, E Miscellaneous.
- A licence is class-specific. Holding Category D does not authorise a fire survey; surveying outside the licensed category is a regulatory breach.
- Applicants must satisfy qualification, experience and training requirements; licences are time-limited and must be renewed before expiry.
Conduct and duties
- Act independently and only for the insurer; never advise the insured on claim quantum.
- Disclose any conflict of interest, relationship or financial interest in the subject-matter.
- Maintain confidentiality and preserve working papers.
- Submit the survey report within the prescribed timeline-generally 30 days from the date of survey-unless the insurer records an extension.
- Do not solicit work or pay commission for referrals.
Enforcement
IRDAI can refuse, suspend or cancel a licence and impose penalties for misconduct. Aggrieved persons have appellate remedies under the regulatory framework. The surveyor’s report is a professional recommendation; the insurer decides the claim.
Worked example
A Category D motor surveyor is asked to survey a factory fire loss. The correct response is to decline the assignment and tell the insurer to appoint a Category A surveyor. Accepting would breach the licence condition even if the surveyor has fire experience.
Traps
Confusing surveyor with loss adjuster; assuming a licence covers all classes; ignoring renewal dates; failing to disclose a conflict; missing report deadlines.