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      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4.
      • 4A.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Form and procedure of appeal.
      • 4. Appeal to be in writing.
      • 5. Presentation and scrutiny of memorandum of appeal.
      • 6. Fee.
      • 7. Contents of memorandum of appeal.
      • 8. Documents to accompany memorandum of appeal.
      • 9. Plural remedies.
      • 10. Notice of appeal to the respondent.
      • 11. Filing of reply to the appeal and other documents by the respondent.
      • 12. Date of hearing to be notified.
      • 13. Hearing of appeal.
      • 14. Dress regulations for the representatives of the parties.
      • 15. Order to be signed and dated.
      • 16. Publication of orders.
      • 17. Communication of orders.
      • 18. Orders and directions in certain cases.
      • 19. Fee for inspection of records and obtaining copies thereof.
      • 20. Seal and emblem.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Inquiry by adjudicating officer.
      • 4. Manner of holding inquiry.
      • 5. Report of adjudicating officer.
      • 1. Short title, extent and commencement.
      • 2. Definitions.
      • 2A. Interpretation of certain words and expressions.
      • 2B. Appointment of Controller of Insurance.
      • 2C. Prohibition of transaction of insurance business by certain persons.
      • 2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones.
      • 2CB. Properties in India not to be insured with foreign insurers except with the permission of Authority.
      • 2D. Insurers to be subject to this Act while liabilities remain unsatisfied.
      • 2E.
      • 3. Registration.
      • 3A. Payment of annual fee by insurer.
      • 3B. Certification of soundness of terms of life insurance business.
      • 4. Minimum limits for annuities and other benefits secured by policies of life insurance.
      • 5. Restriction on name of insurer.
      • 6. Requirement as to capital.
      • 6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares
      • 6AA.
      • 6B. Provision for securing compliance with requirements relating to capital structure.
      • 6C, 7, 8 & 9.
      • 6C. Conversion of company limited by shares into company limited by guarantee.
      • 7. Deposits.
      • 8. Reservation of deposits.
      • 9. Refund of deposit.
      • 10. Separation of accounts and funds.
      • 11. Accounts and balance sheet.
      • 12. Audit.
      • 13. Actuarial report and abstract.
      • 14. Record of policies and claims.
      • 15. Submission of returns.
      • 16.
      • 17.
      • 17A.
      • 18. Furnishing reports.
      • 19. Abstract of proceedings of general meetings.
      • 20. Custody and inspection of documents and supply of copies.
      • 21. Powers of Authority regarding returns.
      • 22. Powers of Authority to order revaluation.
      • 23. Evidence of documents.
      • 24. Summary of returns to be published.
      • 25. Returns to be published in statutory forms.
      • 26. Alterations in the particulars furnished with application for registration to be reported.
      • 27. Investment of assets.
      • 27A. Further provisions regarding investments.
      • 27B. Provisions regarding investments of assets of insurer carrying general insurance business.
      • 27C. Investment by insurer in certain cases.
      • 27D. Manner and condition of investment.
      • 27E. Prohibition for investment of funds outside India.
      • 28. Statement and return of investment of assets.
      • 28A. Return of investments relating to controlled fund and changes therein.
      • 28B. Returns of investments relating to the assets and changes therein.
      • 29. Prohibition of loans.
      • 30. Liability of directors, etc., for loss due to contravention of section 27, 27A, 27B, 27C, 27D or section 29.
      • 31. Assets of insurer how to be kept.
      • 31A. Provisions relating to managers, etc.
      • 31B. Power to restrict payment of excessive remuneration.
      • 32.
      • 32A. Prohibition of common officers and requirement as to wholetime officers.
      • 32B. Insurance business in rural or social sectors.
      • 32C. Obligations of insurer in respect of rural or unorganised sector and backward classes.
      • 32D. Obligation of insurer in respect of insurance business in third party risks of motor vehicles.
      • 33. Power of investigation and inspection by Authority.
      • 33A. Power to appoint staff.
      • 34. Power of the Authority to issue directions.
      • 34A. Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority.
      • 34B. Power of Authority to remove managerial persons from office.
      • 34C. Power of Authority to appoint additional directors.
      • 34D. Sections 34B and 34C to override other laws.
      • 34E. Further powers of Authority.
      • 34F. Power of Authority to issue directions regarding reinsurance treaties, etc.
      • 34G.
      • 34H. Search and seizure.
      • 35. Amalgamation and transfer of insurance business.
      • 36. Sanction of amalgamation and transfer by Authority.
      • 37. Statements required after amalgamation and transfer.
      • 37A. Power of Authority to prepare scheme of amalgamation.
      • 38. Assignment and transfer of insurance policies.
      • 39. Nomination by policyholder.
      • 40. Prohibition of payment by way of commission or otherwise for procuring business.
      • 40A.
      • 40B. Limitation of expenses of management in life insurance business.
      • 40C. Limitation of expenses of management in general, health insurance and reinsurance business.
      • 41. Prohibition of rebates.
      • 42. Appointment of insurance agents.
      • 42A. Prohibition of insurance business through principal agent, special agent and multilevel marketing.
      • 42D. Issue of registration to intermediary or insurance intermediary.
      • 42E. Condition for intermediary or insurance intermediary.
      • 43. Record of insurance agents.
      • 44.
      • 44A. Power to call for information.
      • 45. Policy not be called in question on ground of misstatement after three years.
      • 46. Application of the law in force in India to policies issued in India.
      • 47. Payment of money into Court.
      • 47A.
      • 48.
      • 48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
      • 48B. Further provision regarding directors.
      • 48C. Appointment of additional directors.
      • 49. Restriction on dividends and bonuses.
      • 50. Notice of options available to the assured on the lapsing of a policy.
      • 51. Supply of copies of proposals and medical reports.
      • 52. Prohibition of business on dividing principle.
      • 52A. When Administrator for management of insurance business may be appointed.
      • 52B. Powers and duties of the Administrator.
      • 52BB. Powers of Administrator respecting property liable to attachment under section 106.
      • 52C. Cancellation of contracts and agreements.
      • 52D. Termination of appointment of Administrator.
      • 52E. Finality of decision appointing Administrator.
      • 52F. Penalty for withholding documents or property from Administrator.
      • 52G. Protection of action taken under sections 52A to 52D.
      • 52H to 52N.
      • 52H. Power of Central Government to acquire undertakings of insurers in certain cases.
      • 52I. Power of Central Government to make scheme.
      • 52J. Compensation to be given to the acquired insurer.
      • 52K. Constitution of the Tribunal.
      • 52L. Tribunal to have powers of Civil Court.
      • 52M. Procedure of the Tribunal.
      • 52N. Special provisions for the dissolution of acquired insurers.
      • 53. Winding up by the Tribunal.
      • 53A. Unpaidup share capital.
      • 54. Voluntary winding up.
      • 55. Valuation of liabilities.
      • 56. Application of surplus assets of life insurance fund in liquidation or insolvency.
      • 57. Winding up of secondary companies.
      • 58. Scheme for partial winding up of insurance companies.
      • 59. Return of deposits.
      • 60. Notice of policy values.
      • 61. Power of Tribunal to reduce contracts of insurance.
      • 61A. Appeal to National Company Law Appellate Tribunal.
      • 62. Power of Central Government to impose reciprocal disabilities on nonIndian companies.
      • 63. Particulars to be filed by insurers established outside India.
      • 64. Books to be kept by insurers established outside India.
      • 64A. Incorporation of the Insurance Association of India.
      • 64B. Entry of names of members in the register.
      • 64C. Councils of Life Insurance and General Insurance.
      • 64D. Authorisation to represent in Councils.
      • 64E. Authorities of the Life Insurance Council and the General Insurance Council.
      • 64F. Executive Committees of the Life Insurance Council and the General Insurance Council.
      • 64G. Resignation and filling up of casual vacancies.
      • 64H. Duration and dissolution of Executive Committees.
      • 64I. Power of Executive Committee of Life Insurance Council to hold examinations for insurance agents.
      • 64J. Functions of Executive Committee of Life Insurance Council.
      • 64K. Executive Committee of Life Insurance Council may advise in controlling expenses.
      • 64L. Functions of the Executive Committee of General Insurance Council.
      • 64M. Executive Committee of General Insurance Council may advise in controlling expenses.
      • 64N. Power of the Executive Committees to act together in certain cases.
      • 64O. Power of General Insurance Council to regulate rates of insurance, etc.
      • 64P. Regional Councils.
      • 64Q. Functions of the Regional Councils.
      • 64R. General powers of Life Insurance Council and General Insurance Council.
      • 64S. Power of Central Government to remove difficulties.
      • 64T. Power to exempt.
      • 64U to 64UL.
      • 64U. Establishment of Tariff Advisory Committee.
      • 64UA. Composition of the Advisory Committee.
      • 64UB. Power to make rules in respect of matters in this Part.
      • 64UC. Power of the Advisory Committee to regulate rates, advantages, etc.
      • 64UD. Transitional provisions.
      • 64UE. Power of the Advisory Committee to require information, etc.
      • 64UF. Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.
      • 64UG. Contracts, etc., to be effective by or against the Advisory Committee.
      • 64UH. Employees, etc., to continue.
      • 64UI. Duty of person having custody or control of property to deliver such property to the Advisory Committee.
      • 64UJ. Power of the Advisory Committee to constitute Regional Committees.
      • 64UK. Levy of fees by the Advisory Committee.
      • 64UL. Power to remove difficulties.
      • 64ULA. Transitional provisions.
      • 64UM. Surveyors or loss assessors.
      • 64V. Assets and liabilities how to be valued.
      • 64VA. Sufficiency of assets.
      • 64VB. No risk to be assumed unless premium is received in advance.
      • 64VC. Restrictions on opening of new place of business.
      • 65. Definition of "provident society"
      • 65A. Prohibition of transaction of insurance business by provident societies other than public companies or cooperative societies.
      • 66. Restrictions on provident societies.
      • 67. Name.
      • 68. Insurable interest.
      • 69. Dividing business.
      • 70. Registration.
      • 70A. Renewal of registration.
      • 70B. Supplementary information and reports of alterations in particulars furnished with application for registration.
      • 72. Working capital.
      • 73. Deposits.
      • 73A. Restriction on name of provident society.
      • 74. Rules.
      • 75. Amendment of rules.
      • 76. Supply of copy of rules.
      • 77. Registered office.
      • 78. Publication of authorised capital to contain also subscribed and paidup capital.
      • 79. Registers and books.
      • 80. Revenue account, balancesheet and annual statements.
      • 81. Actuarial report and abstract.
      • 82. Submission of returns to Authority.
      • 83. Actuarial examination of schemes.
      • 84. Separation of accounts and funds.
      • 85. Investment funds.
      • 86. Inspection of books.
      • 87. Inquiry by or on behalf of Authority.
      • 87A. Amalgamation and transfer of insurance business.
      • 88. Winding up by Court and voluntary winding up.
      • 89. Reduction of insurance contracts.
      • 90. Appointment of liquidator.
      • 90A. Application of Act to liquidators.
      • 91. Powers of liquidator.
      • 92. Procedure at liquidation.
      • 93. Dissolution of provident society.
      • 94. Nominations and assignments.
      • 94A. Insurance cooperative society to be an insurer.
      • 95. Definitions.
      • 96. Application of Act to Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 97. Working capital of Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 98. Deposits to be made by Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 98A. Prohibition of loans.
      • 99. Transferees and assignees of policies not to become members.
      • 100. Publication of notices and documents of Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 101. Supply of documents to members.
      • 101A. Reinsurance with Indian reinsurers.
      • 101B. Advisory Committee.
      • 101C. Examination of reinsurance treaties.
      • 102. Penalty for default in complying with, or act in contravention of, this Act.
      • 103. Penalty for carrying on insurance business in contravention of section 3.
      • 104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
      • 105. Wrongfully obtaining or withholding property.
      • 105A. Offences by companies.
      • 105B. Penalty for failure to comply with sections 32B, 32C and 32D.
      • 105C. Power to adjudicate.
      • 105D. Factors to be taken into account by the adjudicating officer.
      • 106. Power of Court to order restoration of property of insurer or compensation in certain cases.
      • 106A. Notice to and hearing of Authority.
      • 107. Previous sanction of AdvocateGeneral for institution of proceedings.
      • 107A. Chairman, etc., to be public servants.
      • 108. Power of Court to grant relief.
      • 109. Cognizance of offence.
      • 110. Appeal to Securities Appellate Tribunal.
      • 110A. Delegation of powers and duties of Chairperson of the Authority.
      • 110B. Signature of documents.
      • 110C. Power to call for information.
      • 110D. Certain claims for compensation barred.
      • 110E. Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of the Life Insurance Corporation of India.
      • 110F. Provisions applicable to State Governments, etc.
      • 110G. Constitution of Consultative Committee.
      • 110H. Appeals.
      • 110HA. Penalty to be recoverable as arrear of land revenue.
      • 111. Service of notices.
      • 112. Declaration of interim bonuses.
      • 113. Acquisition of surrender value by policy.
      • 114. Power of Central Government to make rules.
      • 114A. Power of Authority to make regulations.
      • 115. Alteration of forms.
      • 116. Power to exempt from certain requirements.
      • 116A. Summary of returns to be published.
      • 117. Saving of provisions of the Companies Act, 2013 (18 of 2013).
      • 118. Exemptions.
      • 118A. Powers of Authority not to apply to International Financial Services Centre.
      • 119. Inspection and supply of copies of published prospectus, etc.
      • 120. Determination of market value of securities deposited under this Act.
      • 121. Amendment of section 130, Act 4 of 1882
      • 122. Amendment of Schedule I, Act 9 of 1908
      • 123. Repeals.
      • 1. Short title and commencement.
      • 2.
      • 3. Application.
      • 4. Definitions.
      • 5. Council for Insurance Ombudsmen.
      • 6. Functions of the Council for Insurance Ombudsmen.
      • 7. Selection Committee for appointment of Insurance Ombudsman.
      • 7A. Qualification for appointment of Insurance Ombudsman.
      • 7B. Procedure and selection criteria for appointment of Insurance Ombudsman.
      • 8. Term of office of Insurance Ombudsman.
      • 9. Removal from office of Insurance Ombudsman.
      • 10. Remuneration, etc., of Insurance Ombudsman.
      • 11. Territorial jurisdiction of Insurance Ombudsman.
      • 12. Offices of Council for Insurance Ombudsmen and Insurance Ombudsman.
      • 13. Duties and functions of Insurance Ombudsman.
      • 14. Manner in which complaint to be made.
      • 15. Insurance Ombudsman to act fairly and equitably.
      • 16. Recommendations made by the Insurance Ombudsman.
      • 17. Award.
      • 18. Review of activities of Insurance Ombudsman.
      • 19. Advisory Committee.
      • 20. Recommendations to Central Government.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Procedure for Appointment of an Appointed Actuary.
      • 4. Effect of rejection of the application.
      • 5. Business Continuance.
      • 6. Transitory Provisions.
      • 7. Cessation of Appointment of Appointed Actuary.
      • 8. Powers of Appointed Actuary.
      • 9. Duties and obligations.
      • 10. Absolute Privilege of Appointed Actuary.
      • 11. Conflict of Interest.
      • 12. Applicability to reinsurance business.
      • 13. Power of the Authority to issue clarifications, etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Procedure for Appointment of an Appointed Actuary.
      • 4. Effect of rejection of the application.
      • 5. Carrying on business without Appointed Actuary.
      • 6. Cessation of Appointment of Appointed Actuary.
      • 7. Powers of Appointed Actuary.
      • 8. Duties and obligations.
      • 9. Conflict of interest.
      • 10. Obligations of the insurer.
      • 11. Applicability to reinsurance business.
      • 12. Power of the Authority to issue clarifications etc.
      • 1. Short Title and Commencement.
      • 2. Definitions.
      • 3. Applicability.
      • 4. Admissibility of Assets For The Purpose of Calculation of Solvency Margin.
      • 5. Determination of Amount of Liabilities.
      • 6. Determination of Solvency Margin.
      • 7. Business Outside India.
      • 8. Furnishing of Forms.
      • 9. Personal Visit of Appointed Actuary To The Authority.
      • 10. Repeal and Savings.
      • 11. Power of The Authority To Issue Clarifications Etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Registration and Scope of Health Insurance Business.
      • 4. Product Filing Procedure for health insurance products.
      • 5. Withdrawal of Health Insurance Product.
      • 6. Review of Health Insurance Products.
      • 7. Group Insurance.
      • 8. Underwriting.
      • 9. Proposal Form.
      • 10. Principles of Pricing of Health Insurance Products offered by Life, General and Health Insurers.
      • 11. Designing of Health Insurance Policies.
      • 12. Entry and Exit Age.
      • 13. Renewal of Health Policies issued by General Insurers and Health Insurers (not applicable for travel and personal accident policies).
      • 14. Free Look Period.
      • 15. Manner of treating Cost of preinsurance health check up by Life, General and Health Insurers.
      • 16. Cumulative bonus.
      • 17. Migration of health insurance policy (not applicable for Travel and Personal Accident policies).
      • 18. AYUSH Coverage.
      • 19. Wellness and Preventive aspects.
      • 20. Standard Definition of terms in health insurance policies.
      • 21. Standard Nomenclature and Procedures for Critical Illnesses.
      • 22. Optional Coverage for Certain Items.
      • 23. Special Provisions for Senior Citizens.
      • 24. Multiple Policies.
      • 25. Loadings on Renewals.
      • 26. Protection of Policyholders' Interest.
      • 27. Settlement/Rejection of claim by insurer.
      • 28. Minimum Disclosures in Policy Document.
      • 29. Other Disclosures.
      • 30. Administration of Health Policies.
      • 31. Health Services Agreements.
      • 32. Payments to Network Providers and Settlement of Claims of Policyholders.
      • 33. Engagement of Services of TPAs by Insurers in relation to Health Insurance Policies.
      • 34. Change of TPAs by Insurers for servicing of Health Insurance Policies.
      • 35. Data and related issues.
      • 36. Systems to be in place to mitigate Frauds.
      • 37. Submission of Returns to the Authority.
      • 38. Repeal and Savings.
      • 39. Removal of difficulties.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Categories of the Insurance brokers.
      • 4. Functions of an Insurance Broker.
      • 5. Submission of Application for grant of certificate of registration.
      • 6. Application to conform to the requirements.
      • 7. Furnishing of information, clarification and personal representation.
      • 8. Consideration of application.
      • 9. Payment of fees and the consequences of failure to pay fees.
      • 10. Procedure for issuance of Certificate of Registration.
      • 11. Validity of Certificate of Registration.
      • 12. Rejection of Application.
      • 13. Conditions of grant of registration to Insurance Broker.
      • 14. Renewal of Certificate of Registration.
      • 15. Procedure where a renewal of certificate of registration is not issued.
      • 16. Effect of refusal to issue certificate of registration.
      • 17. Issue of a duplicate certificate of registration.
      • 18. Nomenclature of Insurance Brokers.
      • 19. Capital Requirement.
      • 20. Manner of calculation of equity capital held by foreign investors.
      • 21.
      • 21A. Foreign Investment.
      • 22. Networth requirements.
      • 23. Deposit requirements.
      • 24. Professional indemnity insurance.
      • 25. Ownership and control of shares.
      • 26. Remuneration and reward to be received by an Insurance Broker from an insurer.
      • 27. Risk Management Services.
      • 28. Claim Consultancy.
      • 29. Board Approved Policy for comparison and distribution of insurance products.
      • 30. Code of conduct for Insurance brokers.
      • 31. Internal control and systems.
      • 32. Cobroking.
      • 33. Segregation of insurance money.
      • 34. Maintenance of books of account, records, etc.
      • 35. Ceiling on business from single client.
      • 36. Outsourcing of activities by insurance broker.
      • 37. Single broking registration to one corporate group and dealings with Group companies.
      • 38. Reinsurance / Composite brokers sharing of Brokerage with a foreign broker for the placement of risks.
      • 39. Filing of Returns.
      • 40. Disclosures to the Authority.
      • 41. Amalgamation and Transfer of business.
      • 42. Authority's power to inspect.
      • 43. Appointment of investigator by the Authority.
      • 44. Sale of Insurance Online.
      • 45. Sale of Insurance by telemarketing mode.
      • 46. Sale of Insurance through distance marketing mode.
      • 47. Action against a person acting as an insurance broker without a valid certificate of registration.
      • 48. Penalty for certain violations / breaches.
      • 49. Suspension or Cancellation of certificate of registration with notice.
      • 50. Suspension or Cancellation of certificate of registration without notice.
      • 51. Publication of order of suspension.
      • 52. Manner of holding of enquiry after suspension of certificate of registration of the insurance broker.
      • 53. Action to be taken after the receipt of the enquiry report.
      • 54. Procedure for Cancellation of certificate of registration.
      • 55. Publication of order on cancellation of certificate of registration.
      • 56. Effect of cancellation of certificate of registration.
      • 57. Voluntary Surrender of certificate of registration.
      • 58. Repeal and Savings.
      • 59. General.
      • 1. Short Title and commencement.
      • 2. Definitions.
      • 3. Application for grant of Certificate of Registration.
      • 4. Grant of Registration to the CPSCSPV.
      • 5. Period of Validity of Registration of the CPSCSPV.
      • 6. Procedure for the Renewal of Registration of CPSCSPV.
      • 7. Issue of a duplicate certificate of registration.
      • 8. Persons engaged for solicitation.
      • 9. Enabling Registration of Insurance Business by RAP and VLEIns.
      • 10. Functions of CPSCSPV.
      • 11. Functions and Obligations of RAP and VLEIns.
      • 13. Products allowed under CPSC Model.
      • 14. Agreement between CPSCSPV and the Insurer.
      • 15. Obligations of Insurer.
      • 16. Reports to be submitted to the Authority.
      • 17. Power of Authority to inspect.
      • 18. Procedure for disciplinary proceeding.
      • 19. Suspension or Cancellation of Registration of CPSCSPV; Certificate of RAP and VLEIns.
      • 20. Power of the Authority to issue clarifications.
      • 21. Amendment of Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
      • 22. Savings clause.
      • 1. Short title, commencement and application.
      • 2. Definitions.
      • 3. Application for, and matters relating to, grant of license to individual Surveyors and Loss Assessors.
      • 4. Application for grant of fresh Corporate Surveyor and Loss Assessor License and related matters.
      • 4A. Foreign Investment.
      • 5. Fee Structure.
      • 6. Application for grant of renewal license (Individual/ Corporate Surveyor and Loss Assessor) and related matters.
      • 7. Procedure where application for grant of license is rejected.
      • 8. Procedure where application for renewal of license is refused.
      • 9. Issue of Duplicate License.
      • 10. Constitution.
      • 11. Functions of the Committee.
      • 12. Appointment of Surveyors and Loss Assessors.
      • 13.
      • 14.
      • 15. Functions of the Institute.
      • 16.
      • 17.
      • 18.
      • 19. Register of Licensed Insurance Surveyors and Loss Assessors.
      • 20. Submission of returns by Surveyor and Loss Assessor.
      • 21. Submission of Reports by Insurers.
      • 22. Inspection.
      • 23. Suspension of license.
      • 24. Cancellation of license.
      • 25. Procedure for suspension and cancellation of license.
      • 25A. Voluntary Surrender of Licence.
      • 26. Power to clarify.
      • 27. Qualification Requirement for Licensed Surveyors and Loss Assessors.
      • 28. Power to Frame Guidelines.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Eligibility criteria for certificate of registration of the Insurance Web Aggregator.
      • 4. Application seeking grant of certificate of registration.
      • 5. Application to conform to the requirements.
      • 6. Furnishing of information, clarification and personal representation.
      • 7. Consideration of application for Insurance Web Aggregator.
      • 8. Requirements of Capital and networth.
      • 8A. Foreign Investment.
      • 9. Procedure for Grant of Certificate of registration.
      • 10. Conditions for grant of certificate of registration.
      • 11. Validity of certificate of registration.
      • 12. Rejection of application.
      • 13. Renewal of Registration of Insurance Web Aggregator.
      • 14. Procedure where renewal of registration is not granted .
      • 15. Effect of refusal to renew certificate of registration.
      • 16. Issue of duplicate certificate of registration.
      • 17. Board Approved Policy for comparison and distribution of insurance products.
      • 18. Professional indemnity insurance.
      • 19. Change in name of an Insurance Web Aggregator.
      • 20. Arrangements with insurers for distribution of products.
      • 21. Conflict of interest.
      • 22. Maintenance of books of account, records, etc.
      • 23. Disclosures to the Authority.
      • 24. Action against a person acting as an Insurance Web Aggregator without a valid registration.
      • 25. Authorised Verifier.
      • 26. Display of product comparisons on Insurance Web Aggregator website.
      • 27. Transmission of leads by Insurance Web Aggregator to the Insurers.
      • 28. Sale of Insurance Online by Insurance Web Aggregators.
      • 29. Sale of Insurance by telemarketing mode and other distance marketing activities of an Insurance Web Aggregator.
      • 30. Remuneration to the Insurance Web Aggregator.
      • 31. Duties and Functions of Insurance Web Aggregator.
      • 32. Conduct of business of Insurance Web Aggregator.
      • 33. Procedure for Disciplinary Proceedings against the Insurance Web Aggregator.
      • 34. Action against the Insurance Web Aggregator.
      • 35. Penal Provision.
      • 36. Action against the Insurer.
      • 37. Power of Authority to Inspect.
      • 38. Power of the Authority to issue clarifications.
      • 39. Voluntary Surrender of Certificate of registration.
      • 40. Certification of Compliance.
      • 41. Repeal and Savings.
      • 42. General.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prior Written Approval by the Authority.
      • 4. Manner and Procedure.
      • 5. Consideration of application.
      • 6. Approval of the Authority.
      • 7.
      • 8. Timelines for approval by the Authority.
      • 9. Validity of Approval.
      • 10. Power to issue Direction.
      • 11. Power to remove difficulties and issue clarifications.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prior Written Approval by the Authority.
      • 4. Manner and Procedure.
      • 5. Consideration of application.
      • 6. Approval of the Authority.
      • 7.
      • 8. Timelines for approval of the Authority.
      • 9. Validity of Approval.
      • 10. Power to issue Direction.
      • 11. Power to remove difficulties and issue clarifications.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Constituents of Lloyd's India include.
      • 4.
      • 5.
      • 6.
      • 7. Procedure for registration for Lloyd's India.
      • 8. Requisition for registration application.
      • 9. Eligibility criteria.
      • 10. Requisition for Registration Application.
      • 11.
      • 12. Furnishing of further information and clarification, etc.
      • 13. Consideration of requisition for registration application.
      • 14. Rejection of requisition for registration application.
      • 15. Application for registration.
      • 16. Consideration of Application.
      • 17. Rejection of application for registration.
      • 18. Manner of payment of fee for registration.
      • 19. Grant of certificate of registration.
      • 20. Conditions governing the approval of Lloyd's India.
      • 21. Time Limit.
      • 22. Member of Lloyd's India.
      • 23. Norms for establishing Service Companies of Lloyd's India.
      • 24. Procedure for registration of service company for Lloyd's India.
      • 25. Undertakings to be completed by service company for Lloyd's India.
      • 26. Consideration of application to become a service company of Lloyd's India.
      • 27. Conditions governing service companies of Lloyd's India.
      • 28. Rejection of application or revocation of certificate of registration for a service company of Lloyd's India.
      • 29. Renewal of certificate of registration for a service company of Lloyd's India.
      • 30. Surrender of certificate of registration of a service company of Lloyd's India.
      • 31. Procedure for syndicates participating in Lloyd's India.
      • 32. Consideration of application to underwrite in Lloyd's India.
      • 33. Conditions governing approval to operate as a syndicate in Lloyd's India.
      • 34. Renewal of certificate of registration to underwrite in Lloyd's India.
      • 35. Surrender of certificate of registration to underwrite in Lloyd's India.
      • 36. Norms for becoming an Insurance broker placing risks with Lloyd's India.
      • 37. Annual fee.
      • 38.
      • 39. Manner of payment of fee.
      • 40. Issue of duplicate certificate.
      • 41. Renewal fee.
      • 42. Manner of payment of renewal fees.
      • 43. Issue of duplicate certificate.
      • 44. Suspension or cancellation of certificate.
      • 45. Manner of making order of suspension or cancellation of certificate.
      • 46. Manner of holding enquiry before suspension or cancellation.
      • 47. Showcause notice and order.
      • 48. Effect of suspension or cancellation of certificate.
      • 49. Publication of order.
      • 50. Operational issues pertaining to Lloyd's India.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10. Power to remove difficulties.
      • 1. Short Title, Commencement & Applicability.
      • 2. Objective.
      • 3. Definitions.
      • 4.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10.
      • 11.
      • 12.
      • 13.
      • 14.
      • 15.
      • 16.
      • 17.
      • 18.
      • 19.
      • 20.
      • 21.
      • 22.
      • 23. Checks and Other Verifications.
      • 24. Board Approved Policy on Record Maintenance.
      • 25. Removal of Difficulties.
      • 1. Short title and commencement.
      • 2. Objective.
      • 3. Definitions.
      • 4. Product Structures.
      • 5. Par Products.
      • 6. Nonpar products.
      • 7.
      • 8.
      • 9. Minimum Death Benefit.
      • 10.
      • 11. Minimum Policy Term.
      • 12. Premium Payment Term.
      • 13. Commission, Remuneration and Expenses.
      • 14. General Provisions with Respect to Pension Products.
      • 15. Surrender Value and Options on Surrender or Vesting.
      • 16. Options to the Nominee on Death of the Policyholder.
      • 17. Group Savings NonLinked Pension Products.
      • 18. Annuity Products.
      • 19. Group NonLinked Products.
      • 20. Acquisition of Surrender Value.
      • 21. Special Surrender Value.
      • 22. Renewal Premium in advance.
      • 23. Level Premium.
      • 24.
      • 25.
      • 26.
      • 27.
      • 28.
      • 29.
      • 30. Misleading Names.
      • 31. Approval of Innovative products.
      • 32. Financial Viability of the Products.
      • 33. Benefit Disclosure.
      • 34. With Profit Committee.
      • 35. Market Value adjustment.
      • 36.
      • 37. Action in Case of Default.
      • 38. Power to Issue Clarifications.
      • 39. Repeal and Savings.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Qualification for "Other Forms of Capital.
      • 4. Conditions for issue of "Other Forms of Capital.
      • 5. Prior Approval.
      • 6. Reporting requirements.
      • 7. Classification in the Balance Sheet.
      • 8. Disclosure.
      • 9. Call Back of Instruments.
      • 10.
      • 11. Subscribers to the Instruments.
      • 12. Investment by an Insurer in "Other Forms of Capital" of another insurer.
      • 13. Grant of Loans against the Instruments.
      • 14. Limit for Other Forms of Capital.
      • 15. Amortization of the instruments for the purpose of computing solvency.
      • 16. Responsibility of the Board of the Insurer.
      • 17. Power to Remove Difficulties and Issue Clarifications.
      • 18. Repeal and Savings.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope.
      • 4. Applicability.
      • 5. Commission to Individual Insurance agents, remuneration to insurance intermediary.
      • 6. Reward to individual insurance agent or insurance intermediary by insurers.
      • 7. Return on payment of Commission, remuneration and reward by the insurer.
      • 8. Penalties.
      • 9. Power of the Authority to issue clarifications etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Objective.
      • 4. Term of Office.
      • 5. Resignation and filling of casual vacancies.
      • 6. Procedure for conduct of the meeting of the Committee.
      • 7. Allowances payable to Members.
      • 8. Repeal and Savings.
      • 9. Power of the Authority.
      • 1. Short title, commencement and applicability.
      • 2. Definitions.
      • 3. Reinsurance Programme.
      • 4. Cross Border Reinsurer (CBR).
      • 5. Procedures for Reinsurance placements.
      • 6. Cession limits.
      • 7. Domestic Insurance Pools.
      • 8. Alternative Risk Transfer (ART).
      • 9. Inward Reinsurance Business.
      • 10. Submission of Information.
      • 11. Repeal and Savings.
      • 12. Power of the Authority.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope and applicability of these Regulations.
      • 4. Application for grant of registration.
      • 5. Application to conform to the requirements.
      • 6. Furnishing of information, clarification and personal representation.
      • 7. Consideration of application.
      • 8. Requirements of Capital.
      • 8A. Foreign Investment.
      • 9. Procedure for Registration.
      • 10. Validity of registration.
      • 11. Renewal of registration.
      • 12. Procedure where a registration is not granted.
      • 13. Effect of refusal to grant registration.
      • 14. Conditions of grant of registration to Corporate Agent.
      • 15. Issue of duplicate certificate of registration.
      • 16. Action against a person acting as a corporate agent without a valid registration.
      • 17. Payment of fees and the consequences of failure to pay fees.
      • 18. Remuneration.
      • 19. Requirement of Professional Indemnity Insurance Policy.
      • 20. Board Approved Policy for Open Architecture.
      • 21. Conflict of interest.
      • 22. Disclosures to the Authority.
      • 23. Arrangements with insurers for distribution of products.
      • 24. Servicing of policyholders.
      • 25. Sale of Insurance by telemarketing mode and distance marketing activities of a corporate agent.
      • 26. Code of conduct for Corporate Agents.
      • 27. Inspection of Corporate Agent.
      • 28. Suspension, Cancellation or surrender of Registration made to a Corporate Agent
      • 29. Change in ownership and/or shareholding, name of a Corporate Agent.
      • 30. Maintenance of Records.
      • 31. Maintenance of books of account, records, etc.
      • 32. Power of the Authority to issue clarifications etc.
      • 33. General.
      • 1. Objective, Short title and Commencement.
      • 2. Definitions.
      • 3. Permissible Classes of Insurance Business.
      • 4. Disqualifications for Applicant.
      • 5. Procedure for registration.
      • 6. Compliance Requirement.
      • 7. Manner of calculation of equity capital held by foreign promoter and foreign investor.
      • 8. Requirement of Resident Indian citizenship for Directors, Key Management Persons, etc.
      • 9. Requirements for foreign investment exceeding fortynine percent.
      • 10. Annual Fee.
      • 11. Issue of duplicate certificate.
      • 12. Suspension or Cancellation of Certificate of Registration.
      • 13. Power to issue clarifications.
      • 14. Interpretation.
      • 15. Repeal and Savings.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope and applicability of these Regulations.
      • 4. Application for grant of Registration to Insurance Marketing Firm.
      • 5. Consideration of application and eligibility criteria for Insurance Marketing Firm.
      • 6. Capital Requirements of Insurance Marketing Firm.
      • 6A. Foreign Investment.
      • 7. Principal Officer of the Insurance Marketing Firm.
      • 8. Certification for ISP and FSE of the Insurance Marketing Firm.
      • 9. Requirement of Professional indemnity insurance for Insurance Marketing Firm.
      • 10. Grant of Registration to Insurance Marketing Firm.
      • 11. Conditions of grant of registration to Insurance Marketing Firm.
      • 12. Period of validity of registration of the Insurance Marketing Firm.
      • 13. Rejection of an application.
      • 14. Procedure for the Renewal of Registration of Insurance Marketing Firm.
      • 15. Procedure where renewal of registration is not granted to Insurance Marketing Firm.
      • 16. Effect of refusal to grant renewal of registration to Insurance Marketing Firm.
      • 17. Issue of a duplicate certificate of registration to Insurance Marketing Firm.
      • 18. Action against a person acting as an insurance marketing firm without a valid registration.
      • 19. Remuneration, Engagement of Sales Persons, Area of operation applicable to the Insurance Marketing Firms.
      • 20. Duties & Obligations of Insurance Marketing Firm.
      • 21. Handling of customer grievances and complaints by Insurance Marketing Firm.
      • 22. Inspection of Insurance Marketing Firm.
      • 23. Procedure for disciplinary proceeding.
      • 24. Suspension, Cancellation or surrender of Registration made to Insurance Marketing Firm.
      • 25. Change in ownership/ shareholding of Insurance Marketing Firm.
      • 26. Maintenance of Records.
      • 27. Reports to be submitted to the Authority by the Insurance Marketing Firm:.
      • 28. Power of the Authority to issue clarifications etc.
      • 29. General.
      • 1. Short Title and commencement.
      • 2. Objectives.
      • 3. Definitions.
      • 4. Categories of application.
      • 5. Application for grant of permission for promoting innovation in insurance in India.
      • 6. Conditions for Grant of permission.
      • 7. Revocation of permission.
      • 8. Extension of first permission.
      • 9. Internal monitoring, review and evaluation of systems and controls.
      • 10. Review of proposal approved by the Authority.
      • 11. Conclusion of the proposal.
      • 12. Power of the Authority to grant relaxation from the provisions of any Regulations to an applicant in the Regulatory Sandbox.
      • 13. Further powers of the Authority.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Health services by TPA.
      • 4. Applicability of these regulations.
      • 5. Compulsory registration for Health services by TPA.
      • 6. Minimum Capital and Net Worth Requirements.
      • 6A. Foreign Investment.
      • 7. Application for grant of Certificate of Registration as TPA.
      • 8. Conditions for grant of Certificate of Registration.
      • 9. Grant of Certificate of Registration.
      • 10. Refusal for grant of Certificate of Registration.
      • 11. Requirement of qualification, training and passing of examination.
      • 12. Issue of a duplicate Certificate of Registration.
      • 13. Transfer of shares or ownership.
      • 14. Minimum Business Requirements.
      • 15. Renewal of Certificate of Registration.
      • 16. Revocation, Suspension, Cancellation or denial of renewal of Certificate of Registration granted to a TPA.
      • 17. Voluntary Surrender of Certificate of Registration.
      • 18. Effect of and action on Revocation, Suspension, Cancellation, voluntary surrender or denial of renewal of Certificate of Registration.
      • 19. Maintenance of books of account, records, and confidentiality of information, submission of annual report to Authority.
      • 20. Health Service Agreements.
      • 21. General guidelines to TPA in respect of services in relation to Health Insurance Policies.
      • 22. Servicing of Foreign Travel Policies, NonInsurance Health care Schemes.
      • 23. Code of Conduct for TPAs.
      • 24. Authority's power to inspect.
      • 25. General.
      • 26. Repeal and Savings.
      • 27. Power of the Authority to issue clarifications etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Registration of Transfer.
      • 4. Application for Transfer.
      • 5. Declaration on Beneficial Shareholding.
      • 6. Due Diligence.
      • 7. Indian Promoters.
      • 8. Foreign Investors.
      • 9. Ceiling on holdings of Indian Investors.
      • 10. Interpretation.
      • 1. Short title and commencement.
      • 2. Objective.
      • 3. Definitions.
      • 4. Unit Linked Insurance Products.
      • 5. Benefit payable on death and benefits offered under the Health Cover.
      • 6. Guarantees on policy benefits.
      • 7. Minimum Policy Term.
      • 8. Premium Payment Term.
      • 9.
      • 10. Discontinuance of the policy during lockin period.
      • 11. Revival of a Discontinued Policy during lockin Period.
      • 12. Segregated Discontinued Policy Fund.
      • 13. Minimum Guaranteed Interest Rate.
      • 14. Discontinuance of Policy after the lockinPeriod.
      • 15. Revival of a discontinued Policy after lockin Period.
      • 16. Surrender Value.
      • 17. Topup Premium.
      • 18. Partial Withdrawals.
      • 19. Settlement Options under Unit Linked Insurance Products.
      • 20. General Provisions with respect to Pension Products.
      • 21. Surrender Value and Options on Surrender.
      • 22. Options on Vesting.
      • 23. Options to the Nominee or Beneficiary on death of the policyholder.
      • 24. Group Unit Linked Pension Products.
      • 25. For the purpose of Pension Products under this Chapter.
      • 26. Charges.
      • 27. The charges levied under the Unit Linked insurance products shall be.
      • 28. Other conditions on Charges.
      • 29. Difference between Gross Yield and Net Yield for all Unit Linked insurance products.
      • 30. Computation of Net Yield for demonstration in product filing documents.
      • 31. Customized Benefit Illustration.
      • 32. Group Unit Linked insurance products.
      • 33. Computation of NAV.
      • 34. Segregated funds.
      • 35. Asset Allocation under each fund.
      • 36.
      • 37. Level Premiums.
      • 38. Misleading names.
      • 39. Allotment of Units under Unit Linked insurance products.
      • 40. Series or Tranche of Funds under Unit Linked insurance products.
      • 41. Loans.
      • 42. Market Value adjustment.
      • 43. Renewal Premium in advance.
      • 44. Unit Linked Health Insurance Products.
      • 45. Approval of Innovative products.
      • 46. Financial Viability of the Products.
      • 47. Disclosure Norms.
      • 48.
      • 49.
      • 50. Action in case of Default.
      • 51. Power to issue clarifications.
      • 52. Repeal and Savings.
      • 1. Short title
      • 2. Definitions
      • 3. Qualifications of actuaries
      • 4.
      • 5. Deposits with the Bank
      • 6. Changes in deposits
      • 7. Maturing of deposits
      • 8. Interest and dividends on deposits
      • 9. Withdrawals, etc., of deposits
      • 10. Information as regards deposits
      • 10-A. Pakistan securities
      • 10-B. Assets deemed to be approved investments
      • 10-C. Returns of investments and changes in investments
      • 10-D. Charging assets
      • 11. Prospectuses and tables
      • 12. Proposal Forms
      • 12-A. List of insurers
      • 12-B. Constituencies of insurers
      • 12-C. Duties of Dissolved Executive Committees
      • 12-D. Joint Meetings of Executive Committees
      • 13. Qualifications of elected directors of insurance companies
      • 14. Election of directors under section 48
      • 15. Period of office of directors and filling of vacancies
      • 16. License fee for insurance agents and collection thereof
      • 16-A. Issue of licenses to insurance agents
      • 16-B. Bona fide insurance agents for the purposes of section 41
      • 16-C. Fee for principal, chief and special agents
      • 16-D. Issue of certificates to principal, chief and special agents
      • 16-E. Issue of duplicate licenses and certificates
      • 16-F. Description of stamp
      • 16-G. Allowance for unused stamps
      • 16-H. Cancellation of licenses or certificates
      • 17. Declaration as to the nature of ownership of shares
      • 17-A. Declaration as to beneficial interest in shares
      • 17-AA. Form for declaration
      • 17-B. Disposal of shares by Administrator-General
      • 17-C. Statement of the bases of premiums
      • 17-D. Limitation of expenses of management in life insurance business
      • 17-E. Limitation of expenses of management in general insurance business
      • 17-F. Head office expenses
      • 17-FA. Principal office expenses
      • 17-FB. Calculation of proper share of managerial expenses
      • 17-G. Action against Extravagant Life Insurers
      • 17-H. Action against Extravagant General Insurers
      • 18. Transaction of bond investment business
      • 19. Rules of Provident Societies
      • 19A. 19-A
      • 20. Forms of accounts and statements
      • 21. Actuarial reports
      • 22. Signatures of returns furnished by Provident Societies
      • 23. Notices under section 92(6)
      • 23-A. Security from Liquidator
      • 24. Fees under the Act and the manner of collection
      • 24-A. Fees payable on referring disputed claims to Controller
      • 24-B. Fees payable to the Councils
      • 25. Additional particulars to be given by actuary
      • 25A. 25-A
      • 26. Form of declaration under section 16(2)( d )
      • 27. Returns in respect of dividing insurance business
      • 28. 28
      • 29. 29
      • 30. Activities of insurers
      • 31. Statement of emoluments
      • 32. Payment where nominee is a minor
      • 33. Summary of balance-sheet and revenue account
      • 34. Term of office
      • 35. Resignation and filling of casual vacancies
      • 36. Secretary
      • 37. Procedure for the conduct of business, etc., of the Committee
      • 38. Allowances payable to members of the Advisory Committee
      • 39. Minimum information to be maintained and the checks and other verifications to be adopted
      • 40. Search and seizure
      • 41. Constitution
      • 42. 42
      • 43. Election of members
      • 53. The fees payable to the Tariff Advisory Committee
      • 53-A. Fund of the Tariff Advisory Committee and custody of its moneys
      • 53-B. Accounts, audit and annual report of the Tariff Advisory Committee
      • 54. Apportionment of Provident Fund
      • 55. License fee for surveyor or loss assessors and collection thereof
      • 56. Issue of licenses to surveyor or loss assessors
      • 56-A. Additional technical qualifications for surveyors and loss assessors
      • 57. Manner of bringing up the excess of the value of assets over the amount of the liabilities to the relevant amount
      • 58. Advance payment of premiums
      • 59. Relaxation
      • 60. Term of office
      • 61. Resignation and filling of casual vacancies
      • 62. Secretary
      • 63. Procedure for the conduct of business of the Committee
      • 64. Allowances payable to members of the Consultative Committee
      • 65. Fees of members
      • 1. Short title
      • 2. Application
      • 3.
      • 4. Definition
      • 5. Governing body of Insurance Council
      • 6. Ombudsman
      • 7. Term of office
      • 8. Removal from office
      • 9. Remuneration, etc., of Ombudsman
      • 10. Territorial Jurisdiction of Ombudsman
      • 11. Staff
      • 12. Power of Ombudsman
      • 13. Manner in which complaint is to be made
      • 14. Ombudsman to act fairly and equitably
      • 15. Recommendations made by the Ombudsman
      • 16. Award
      • 17. Consequences of non-acceptance of award
      • 18. Power to make ex gratia payment
      • 19. Advisory Committee
      • 20.
      • 21. Recommendation of the Insurance Council
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Election Procedure.
      • 4. Resignation, automatic cessation and filling of casual vacancies.
      • 5. Procedure for the conduct of business of the Committee.
      • 6. Decision by circulation.
      • 7. Formation of Technical Committees.
      • 8. Minutes of meetings.
      • 9. Travelling and daily allowance.
      • 10. Information to the press.
      • 11. Functions of the Committee.
      • 12. Disputes.
      • 13. Savings.

Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015

Published vide Notification F. No. IRDAI/Reg/18/108/2015, dated 30.10.2015

Last Updated 28th November, 2020 [act3528]

F. No. IRDAI/Reg/18/108/2015. - In exercise of the powers conferred by clause (x) and (xa) of sub-section 2 of Section 114A read with Sections 42D, 42E and 64UM of the Insurance Act, 1938 (4 of 1938), and Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations, namely: -

CHAPTER I

Preliminary

1. Short title, commencement and application. - (1) These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015.

(2) They shall come into force on the date of their publication in the Official Gazette and shall apply to all licensed insurance Surveyors and Loss Assessors.

(3) These Regulations supersede Insurance Surveyors and Loss Assessors (Licensing, Professional Requirements and Code of Conduct) Regulations, 2000 with effect from date of Gazette notification.

2. Definitions. - In these Regulations, unless the context otherwise requires, -

(1) "Act" means the Insurance Act, 1938 (4 of 1938);

(2) "Applicant" means a person who applies for the grant of a Surveyor and Loss Assessor license or renewal thereof;

(3) "Authority" means the Insurance Regulatory and Development Authority of India (IRDAI) established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

[(4) "Approved Institution" means an institution engaged in education and/or training particularly in the area of insurance, approved and specified by the Authority.]

[(5) "Corporate Surveyor" means a Company incorporated under Companies Act, 2013 or an LLP (Limited Liability Partnership) incorporated under the Limited Liability Partnership Act, 2008 and who is licensed to act as Surveyor and Loss Assessor.

Provided that existing Partnership Firms constituted under the Indian Partnership Act 1932, licensed to act as Corporate Surveyor prior to notification of these amendments shall continue to act as Corporate Surveyor.]

(6) "Designated Person" means an officer of the Authority so designated by the Authority to discharge the functions assigned to him under these Regulations;

[(7)(i) Examination means passing of relevant paper(s) of Surveyor and Loss Assessor Examination conducted by the Insurance Institute of India or by such other Institutes recognized by the Authority.

(ii) Training means successful completion of practical training specified by the Authority from time to time.]

(8) "Inspecting Authority" means the person(s) appointed by the Authority to inspect and investigate the affairs of any Surveyor and Loss Assessor;

(9) "Institute" means the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) promoted by IRDAI under Section 14(2)(f) of IRDA Act, 1999 and incorporated under Section 8 of the Companies Act, 2013.

(10) "IRDA Act" means the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

[***]

[(12) "Member" means Member of the Institute.]

(13) "Surveyor and Loss Assessor" means a person who is licensed by the Authority to act as Surveyor and Loss Assessor.

[(14) "Student Member" means a Member of Institute who enrolls with the Authority to pass the examination and complete practical training to be eligible to apply for a licence under these Regulations.]

[***]

(16) words and expressions used and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938) or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or the General Insurance Business (Nationalization) Act, 1972 (57 of 1972), or in any Rules or Regulations made under those Acts, shall have the meanings respectively assigned to them in those Acts, Rules, Regulations, as the case may be.

(17) In these Regulations the use of the word "he", "him" , "him" or "his" wherever appearing shall mean and include "she", "her", "it" or "it's" as the case may be; and the singular shall be deemed to mean and include the plural.

CHAPTER II

Licensing Procedure

3. Application for, and matters relating to, grant of license to individual Surveyors and Loss Assessors. - [(1) Every person who is a Student Member as defined under these Regulations and intending to act as a Surveyor and Loss Assessor in respect of general insurance business shall apply to the Authority for grant of licence in the Form as may be specified by the Authority.]

[(2) Eligibility Criteria

(a) Qualifications:

(i) Academic/technical/professional/Insurance Qualifications given in Schedule-I Annexure-1 of these Regulations.

(ii) Other qualifications as may be prescribed by the Authority from time to time.

(iii) Shall be a "Member of Institute"

(b) Examination: Passing of relevant paper(s) of Surveyor and Loss Assessor Examination conducted by the Insurance Institute of India, or such other Institute recognized by the Authority.

An applicant who has successfully passed the examination for obtaining a licence to act as Surveyor and Loss Assessor as on the date of notification of these Regulations, is exempted from taking the examination once again as stated under Regulation 3 (2) (b).

A Student Member who does not pass the examination and complete the training within three years from the date of enrolment must enroll afresh.

Provided that existing student member, who is already enrolled with the Authority not later than 5 years before notification of these Regulations and yet to complete training and pass the examination, shall have the option to complete the training, and pass the examination within a period of three years from the date of notification of these Regulations. In case the Student Member after enrolling with the Authority has not yet undergone training he shall pass the examination and complete training as stated in Regulation 3 (2).

(c) Training. - Practical Training as specified by the Authority from time to time.]

[(3) Documents to be submitted online only:

(a) Application in form as may be specified, duly complete in all respects;

(b) Recent passport size photo;

(c) PAN card;

(d) Address Proof;

(e) Address Proof;

(f) Marks sheet in support of having passed the Surveyor and Loss Assessor Examination and Training completion certificate;

(g) Declaration-cum-Undertaking in the Format as specified by the Authority;

(h) Membership Certificate issued by the Institute;

(i) Fit and Proper statement in the Format as specified by the Authority;

(j) Evidence of fee payment as may be specified;

(k) Any other document/information that may be required by the Authority from time to time;

The applicant shall upload the documents online but shall maintain the original physical copies with him throughout the period of validity of licence issued by the Authority and shall produce the same whenever sought by the Authority.]

(4) Disclosures:

(a) Every licensed Surveyor and Loss Assessor is required to submit a declaration stating that he/she shall file with the Authority, any changes in the information submitted to the Authority within 15 days of such change and apply [in the Form as may be specified], for grant of modified license. The license issued by the Authority (in original) shall be surrendered at the time of application for grant of modified license.

(b) Every licensed Surveyor and Loss Assessor shall submit such other information as may be required by the Authority from time to time.

[(5) payment of fees. - The applicant shall pay nonrefundable processing fees as specified under Regulation 5.]

(6) Application to conform to the requirements. - An application, not complete in all respects and not conforming to the instructions specified in the application form and these Regulations, shall be rejected.

Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, if any.

(7) Furnishing of information, clarification and personal representation. - (a) The Authority may require an applicant to furnish any further information or clarification for the purpose of examination of the application, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority.

(b) The applicant shall, if so required, appear before the Authority for a personal representation in connection with their application.

(8) Consideration of application. - (a) The Authority, while considering the application made under Regulation 3(1) for grant of license as a Surveyor and Loss Assessor, take into consideration all matters relating to the duties, responsibilities and functions of Surveyor and Loss Assessor and satisfy itself that the applicant is a fit and proper person to be granted a license.

(b) Without prejudice to the foregoing, the Authority shall take into account the following and satisfy itself that the applicant:

(i) meets all the requirements of Section 64UM read with Section 42D of the Act and fulfils the eligibility criteria set out in Regulation 3 of these Regulations.

(ii) has not been refused in the past one year the grant of a license as Surveyor and Loss Assessor by the Authority

(iii) is not suffering from any of the disqualifications specified under Section 42D of the Act;

[(iv) Possesses the specified qualifications, has passed the examination conducted by the Insurance Institute of India or any other Institute recognized by the Authority and has successfully completed practical training as specified by the Authority.]

[(9) Grant of License. - The Authority on being satisfied that the applicant is eligible for grant of licence, shall grant the same online in FORM-IRDAI-2-LF as given in the Schedule-II to these Regulations mentioning membership number and the particular class/department or subject of general insurance business namely, fire, engineering, marine cargo, marine hull, loss of profit, motor, crop and miscellaneous. The physical copy of licence will be issued only on request.]

(10) Validity of License. - The license granted shall be valid for a period of three years.

(11) A Surveyor and Loss Assessor, whose license has been cancelled or suspended for any reason, may submit an application for issuance of license, after the expiry of one year from the date of such cancellation or suspension, and such application shall be treated as a fresh case, and, accordingly, the applicant shall satisfy all the requirements of Regulation 3(2) above.

4. Application for grant of fresh Corporate Surveyor and Loss Assessor License and related matters. - [(1) An applicant desiring to obtain a Corporate Surveyor and Loss Assessor licence shall do so in the Form as may be specified by the Authority.]

(2) Eligibility Criteria. - the directors/ partners of the company/ firm, shall conform mutatis-mutandis to the eligibility criteria set out in Regulation 3 of these Regulations.

(3) In addition, the Authority shall satisfy itself that the application submitted is complete in all respects, satisfies all the applicable requirements of Section 64UM read with Section 42D of the Act.

Provided that none of the directors or partners suffers from any of the disqualifications mentioned in Section 42D of the Act.

[(4) There shall be at least two Directors / Partners in the Company / Firm at any point of time who are members of the Institute and are licensed to act as Surveyor and Loss Assessor. The department of the Director/ Partner under their individual Surveyor and Loss Assessor licence shall be the department for which the Company / Firm is licensed.]

(5) Documents to be enclosed. - [(a) Application in the Form as specified, duly complete in all respects.]

[(b) Copy of membership certificate issued by the Institute to the Directors / Partners.]

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[(n) Undertaking by two licensed Directors as may be specified.]

(o) Fit & Proper statement made by the directors/ partners

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[(r) Evidence of fee payment.]

(s) Any other document/information that may be required by the Authority from time to time [***]

(6) Disclosures. - (1) [Every Corporate Surveyor and Loss Assessor is] Required to submit a declaration stating that prior to joining the applicant company/ firm, the individual Surveyors and Loss Assessor shall complete all survey jobs entrusted to them within the timelines provided [under IRDAI (Protection of Policyholders’ Interests) Regulations, 2017] and that upon grant of Corporate Surveyor and Loss Assessor license, such individual Surveyor and Loss Assessors shall henceforth work only under the Corporate Surveyor and Loss Assessor license.

(2) [Every Corporate Surveyor and Loss Assessor is] Required to submit a declaration stating that the directors/ partners shall submit information about resignation/ death/ suspension of director/ partner, change in share holding pattern and such other material changes to the Authority and apply [in the Form as may be specified] within 15 days of such change for grant of modified license. The license issued by the Authority (in original) to the company/ firm shall be surrendered at the time of application for grant of modified license.

(3) [Every Corporate Surveyor and Loss Assessor is required] to submit details of those Surveyor and Loss Assessors who are employed in the registered office and branch office/s of the company/firm to conduct survey jobs on behalf of the company/ firm.

(4) Such other additional requirements as may be specified by the Authority from time to time.

[(7) Payment of fees. - Shall pay nonrefundable processing fees as provided under Regulation 5.]

(8) Application to conform to the requirements. - An application, not complete in all respects and not conforming to the instructions specified in the application form and these Regulations, shall be rejected.

Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, if any.

(9) Furnishing of information, clarification and personal representation. - The Authority may require an applicant to furnish any further information or clarification for the purpose of disposal of the application, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority.

(10) The applicant shall, if so required, appear before the Authority for a personal representation in connection with their application.

(11) Consideration of application. - The Authority while considering the application made under Regulation 4(1) for grant of license as a Corporate Surveyor and Loss Assessor [shall], take into consideration all matters relating to the duties, responsibilities and functions of Surveyor and Loss Assessor and satisfy itself that the applicant is a fit and proper person to be granted a license.

(12) Without prejudice to the foregoing, the Authority shall take into account the following and satisfy itself that;

(a) the applicant meets all the requirements of Section 64UM read with Section 42D of the Act and fulfils the eligibility criteria set out in Regulation 4(2), 4(3) and 4(4) of these Regulations;

(b) none of the directors or partners suffers from any of the disqualifications mentioned in Section 42D of the Act;

(c) the applicant has not been refused in the past one year the grant of a license/ registration by the Authority;

(d) directors/ partners of the company/ firm are Fit and Proper based on the statement [in the Form as may be specified];

(e) the main object of the company/firm shall be to carry out insurance survey and loss assessment;

(f) the name of the company or firm shall include the words "Insurance Surveyor and Loss Assessors"

(g) the aggregate holdings of equity shares held by a foreign investor including portfolio investors shall be disclosed at the time of making the application for grant of license, which shall be as prescribed by the Central Government from time to time;

(h) the same promoter/ subscriber of the applicant does not have more than one Corporate Surveyor and Loss Assessor license. "Promoter/ Subscriber" shall be as defined in the "Companies Act, 2013".

(i) whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of a license/ registration by the Authority.

Explanation. - For the purposes of this sub-clause, the expression "directly or indirectly connected" means in the case of a firm or a company or a body corporate, an associate, a subsidiary, an interconnected undertaking or a group company of the applicant. It is hereby clarified that these terms shall have the same meanings as ascribed to them in the Companies Act, 2013 or the Competition Act, 2002, as the case may be.

(13) Grant of license. - The Authority, on being satisfied that the applicant is eligible for grant of license, shall grant the same in FORM-IRDAI-4-LF as given in the Schedule-II to these Regulations, indicating the departments [***] of the corporate surveyor and loss assessor.

(14) Validity of License. - The license granted shall be valid for a period of three years.

(15) Conditions of license. - (1) Upon grant of Corporate Surveyor and Loss Assessor license, the company/ firm can undertake survey jobs only in those department [***] displayed against each of the director/ partner in the Corporate Surveyor and Loss Assessor license issued by the Authority.

(2) None of the directors or partners of a Corporate Surveyor and Loss Assessor shall be appointed as director or partner in another Corporate Surveyor and Loss Assessor company / firm.

(3) Individual Surveyor and Loss Assessor who is working as an employee of a company/firm shall undertake survey jobs only of that company/ firm with whom he/she is employed with. The employee shall undertake survey jobs only in those departments [***] allotted to him/ her under his/ her individual license.

(4) The company/ firm shall undertake reasonable number of survey jobs which are commensurate with their resources and the number of individual Surveyors and Loss Assessors they employ.

(5) The Corporate Surveyor and Loss Assessor company/ firm shall maintain records including in electronic form in the format specified by the Authority which shall capture claim-wise and individual Surveyor and Loss Assessor-wise details wherein each claim surveyed by the company/ firm is tagged to the individual Surveyor and Loss Assessor in the company/ firm. The corporate surveyor company/ firm shall put in place systems which allow regular access to such records and details by the Authority.

[4A. Foreign Investment. - Every applicant, who is a company incorporated under the Companies Act,2013 and has a majority of shareholding of foreign innvestors, shall furnish an undertaking as given in Schedule -AA.]

5. Fee Structure. - [The non-refundable processing fee payable to the Authority for grant and renewal of individual licence to act as Surveyor and Loss Assessor shall be rupees one thousand only and for Corporate Surveyor and Loss Assessor it shall be rupees five thousand only.]

6. Application for grant of renewal license (Individual/ Corporate Surveyor and Loss Assessor) and related matters. - [(1) A Surveyor and Loss Assessor shall submit the online application for renewal of licence to the Authority in the Form as specified, at least thirty days before the expiry of licence, along with a non-refundable renewal fee of rupees one thousand only for Individual Surveyors and rupees five thousand only for Corporate Surveyors.

Provided that if renewal is not applied at least 30 days before the date on which the licence ceases to remain in force, an additional fee of rupees one hundred shall be payable by the applicant to the Authority.

Provided further that the Authority may, if it is satisfied that undue hardship would be caused otherwise, accept any application submitted after expiry of the licence, within six months of its expiry on payment by the applicant of a penalty of rupees seven hundred and fifty.

Provided further that if an application for renewal is not received within the time specified above the licence shall cease to exist.

Provided further that, if the Authority is satisfied that undue hardship would be caused otherwise, an application from such Surveyor and Loss Assessor whose licence has expired and the application is not submitted within six months from the date of expiry, can be treated as a fresh licence application and processed under Regulation 3 or Regulation 4 as the case may be.

The applicant shall upload the documents online but shall maintain the original physical copies with him throughout the period of validity of licence issued by the Authority and shall produce the same whenever sought by the Authority.]

(2) The Authority may renew the license upon being satisfied that the applicant has complied with all the requirements as may be specified by the Authority from time to time, particularly those specified in Chapter II of these Regulations

[(3) Documents to be submitted online for renewal:

(a) In case of Individual:

(i) Application in the form as specified;

(ii) Evidence of fee payment;

(iii) Fit and Proper statement in the format as specified by Authority;

(iv) Any other document / information that may be required by the Authority from time to time.

(b) In case of Corporate Surveyors:

(i) Application in the form as specified;

(ii) Evidence of fee payment;

(iii) Fit and proper statement as specified by Authority;

(iv) Any other document / information that may be required by the Authority from time to time.

(4) The application for renewal of licence shall be processed taking into account the eligibility criteria, work performance and compliance with fit and proper norms, including other criteria set out under Regulation 3 and 4, at the time of receipt of such application.]

[(5) The Authority on being satisfied that the applicant is eligible for renewal of licence, shall renew the same:

a) In Form-IRDAI-7-LF in case of individuals

b) In Form-IRDAI-8-LF in case of Corporate Surveyor and Loss Assessor in the Form given in Schedule-II

(6) A licence so renewed shall be valid for three years from the date of renewal unless cancelled/suspended/ surrendered earlier.]

7. Procedure where application for grant of license is rejected. - (1) the application for grant of license can be rejected on the following grounds:

(a) does not conform with or the applicant fails to comply with the provisions of the Act and these Regulations.

(b) if the Authority is of the opinion that the grant of license is not in the interest of the policy holders.

Provided that before rejecting any such application, the applicant shall be given a reasonable opportunity of being heard.

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(3) The rejection of application as stated under (1) above, shall be communicated to the applicant within thirty days of such rejection, stating the grounds for rejection thereof.

(4) Any applicant aggrieved by the decision of the Authority may make an appeal to Securities Appellate Tribunal, as per the procedure prescribed for such an appeal, within a period of forty-five days from the date on which a copy of the order made under Sub-Regulation (1) above is received by him.

8. Procedure where application for renewal of license is refused. - (1) The Authority may refuse the application for renewal of license to a Surveyor and Loss Assessor on any of the following grounds, if the applicant:

(a) makes a statement which is false in material particulars with regard to the eligibility for obtaining license

(b) if the applicant suffers from any of the disqualifications provided under Section 42D read with Section 64UM of the Act.

[(c) The Surveyor and Loss Assessor has not carried any of the duties and responsibilities as specified in Regulation 13.]

Provided that the Authority shall give a reasonable opportunity, to the person concerned, of being heard, before such refusal.

(2) The refusal of license referred to in Sub-Regulation (1) above shall take effect from the date of such refusal and no Surveyor and Loss Assessor shall carry out any survey and loss assessment work thereafter, including the jobs on hand. All such pending jobs shall be returned by him/ it to the insurer or the insured, as the case may be.

(3) Any applicant aggrieved by the decision of the Authority may make an appeal to Securities Appellate Tribunal, as per the procedure prescribed for such an appeal, within a period of forty-five days from the date on which a copy of the order made under Sub-Regulation (1) above is received by him.

(4) A surveyor whose license renewal is refused for any reason, may submit an application for issuance of license, after the expiry of one year from the date of such refusal, and, such an application shall be treated as an application for grant of fresh license, and accordingly the applicant shall satisfy all the requirements stated under Regulation 3 or Regulation 4 as the case may be.

9. Issue of Duplicate License. - (1) A person to whom a license has been issued or renewed, shall, if such license is lost, destroyed or mutilated, make an application [in the Form as may be specified] to the Authority requesting for issuance of duplicate thereof, along with a fee as specified by the Authority.

(2) The application referred to in Sub-Regulation (1) above shall contain full particulars of license and as to how the loss/destruction or mutilation has occurred, and the application shall be accompanied by mutilated pieces, if any, in possession of the person making the application.

(3) The Authority, on being satisfied, may issue a duplicate license in FORM-IRDAI-10-LF as given in the Schedule-II to these Regulations.

(4) The duplicate license so issued shall remain in force for the remainder of the period of validity of the license, unless cancelled earlier, and the duplicate shall bear an endorsement thereon that it is a duplicate.

CHAPTER III

Constitution and Functions of Surveyors and Loss Assessors Committee

10. Constitution. - (1) The Authority shall constitute a Committee to be called "Surveyors and Loss Assessors Committee" (herein after referred to as "the Committee"), for assisting the Authority on the matters and affairs relating to Insurance Surveyors and Loss Assessors.

(2) The Committee shall consist of the following persons:-

(a) an Officer of the Authority;

(b) two representatives of the Surveyors and Loss Assessors;

(c) a representative of Insurers from Public sector and a representative of insurers from Private sector

(d) a representative of the policy holders;

(3) The Committee will have tenure of three years and will be presided over by the officer of the Authority.

11. Functions of the Committee. - (1) The Committee shall perform the following functions:-

(a) recommending the syllabus for examination and practical training requirements for persons to qualify as Surveyors and Loss Assessors;

(b) recommending to the Authority for its consideration to recognise foreign qualifications and training for the purpose of grant of license to act as Surveyors and Loss Assessors;

(c) improving and developing the status and standard of the profession of Surveyors and Loss Assessors;

(d) coordinating with educational or other institutions, having as their objectives, wholly or partly, similar to those of the profession of Surveyors and Loss Assessors, in such manner as may be conducive for the attainment of common objectives;

(e) looking into the matters of professional misconduct, indiscipline, non-adherence to code of conduct by Surveyors and Loss Assessors;

(f) discharging any other function, which may be entrusted by the Authority, from time to time.

(2) The Committee may meet as frequently as necessary to conduct its affairs and the Officer of the Authority shall decide the venue, time and frequency of such meetings.

(3) The members of the Committee, other than the officer of Authority will be entitled to such allowances as may be determined by the Authority from time to time.

12. Appointment of Surveyors and Loss Assessors. - (1) No person or a firm or a company shall act as a Surveyor and Loss Assessor without being licensed under Regulation 3 or Regulation 4, as the case may be.

(2) Surveyors and Loss Assessors shall be appointed either by insurers or insured to assess loss under a policy of insurance in respect of

(a) Motor insurance - above Rupees fifty thousand

(b) Other than motor insurance - above Rupees one lakh

(3) The above mentioned limit shall be reviewed every three years by the Authority.

(4) Such appointment of a surveyor for assessment of loss shall be made within 72 hours from the time the occurrence of loss was known to the insurer or insured, as the case may be. Notice of such appointment shall be sent in writing to the insurer or insured as the case may be and shall form part of the claims settlement process.

(5) A Surveyor and Loss Assessor shall assess losses of only those departments specified in his/her or its license.

CHAPTER IV

Duties and Responsibilities of a Surveyor and Loss Assessor

13. It shall be the duty of every Licensed Surveyor and Loss Assessor to investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency, and report thereon to the insurer or insured, as the case may be., All Licensed Surveyors and Loss Assessors shall carry out the said work with competence, objectivity and professional integrity and strictly adhere to the code of conduct as stipulated in these Regulations.

(1) The following, shall, inter alia, be the duties and responsibilities of a Surveyor and Loss Assessor:-

(a) declaring whether he has any interest in the subject-matter in question or whether it pertains to any of his relatives, business partners or through material shareholding;

Explanation. - For the purpose of this clause 'relatives' shall mean any of the relatives as defined in Subsection (77) of Section 2 of the Companies Act, 2013;

(b) Bringing to the notice of the Authority, any change in the information or particulars furnished at the time of issuance of license, within a period not exceeding fifteen days from the date of occurrence of such change, that has a bearing on the license granted by the Authority

(c) maintaining confidentiality and neutrality without jeopardising the liability of the insurer and claim of the insured;

(d) conducting inspection and re-inspection of the property in question suffering a loss;

(e) examining, inquiring, investigating, verifying and checking upon the causes and the circumstances of the loss in question including extent of loss, nature of ownership and insurable interest;

(f) conducting spot and final surveys, as and when necessary and comment upon franchise, excess/under insurance and any other related matter;

(g) estimating, measuring and determining the quantum and description of the subject under loss;

(h) advising the insurer and the insured about loss minimisation, loss control, security and safety measures, wherever appropriate, to avoid further losses;

[(i) Commenting on the admissibility of the claim and assessing the liability of the insurer as per the policy terms and conditions.]

(j) surveying and assessing the loss on behalf of insurer or insured;

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(m) satisfying queries of the insured/insurer and of persons connected thereto in respect of the claim/loss;

(n) recommending applicability of depreciation, percentage and quantum of depreciation;

(o) giving reasons for repudiation of claim, in case the claim is not covered by policy terms and conditions;

(p) taking expert opinion, wherever required;

(q) commenting on salvage and its disposal wherever necessary.

[(r) Any licensed Surveyor and Loss Assessor appointed as Director / Partner of a Company / Firm seeking application for grant of Corporate Surveyor licence, shall undertake survey jobs and issue survey reports only in the capacity of Director / Partner of the Applicant Company / Firm.]

(2) A surveyor or loss assessor whether appointed by insurer or insured, shall submit his report to the insurer as expeditiously as possible, but not later than 30 days of his appointment, with a copy of the report to the insured giving his comments on the insured's consent or otherwise on the assessment of loss. Where, in special circumstances of the case, either due to its special and complicated nature, the surveyor shall under intimation to the insured, seek an extension, in any case not exceeding six months from the insurer for submission of his report.

(3) In cases where the Survey report is pending due to non completion of documents, the surveyor may issue the final survey report independently based on the available documents on record, giving minimum three reminders in writing to the insured.

(4) If an insurer, on the receipt of a survey report, finds that it is incomplete in any respect, he shall require the surveyor under intimation to the insured, to furnish an additional report on such incomplete issues. Such a request may be made by the insurer within 15 days of the receipt of the original survey report.

Provided that the facility of calling for an additional report by the insurer shall not be resorted to more than once in the case of a claim.

(5) The surveyor on receipt of this communication shall furnish an additional report within three weeks of the date of receipt of communication from the insurer.

CHAPTER V

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14. [***]

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15. Functions of the Institute. - [(1) (a) Membership: The Institute shall grant membership to the person eligible, within 15 days from the date of receipt of application for membership.

(b) Training, seminars and workshops: Post-licence training either directly or online may be given by the Institute with different modules of training being offered for various departments provided that such training, seminars and workshops of the Institute shall have prior approval of the Authority.

The above upgradation of knowledge is part of the continuous professional development and skills and is not a pre-requisite for licensing or renewal.]

(2) In case the Institute declines [***] membership to the Surveyor and Loss Assessor including student membership, the person can appeal to the Authority.

(3) The Authority shall consider such an application and communicate its decision thereon to the person and Institute in writing within six weeks of the receipt thereof which shall be binding on both.

(4) In case the Institute does not comply with the decision of the Authority, the Authority may then issue the license to the applicant on merits of the case without the accompanying membership of the Institute, and such decision would be binding on the Institute.

(5) The Authority may from time to time issue such guidelines, directions or such other communication for the efficient conduct of the affairs of the Institute.

CHAPTER VI

Code of Conduct

16. Every Surveyor and Loss Assessor shall -

(1) behave ethically and with integrity in the professional pursuits. Integrity implies not merely honesty but fair dealings and truthfulness;

(2) strive for objectivity in professional and business judgment;

(3) act impartially, when acting on instructions from an insurer in relation to a policy holder's claim under a policy issued by that insurer;

[(3A) not accept any direct or indirect benefits in any manner whatsoever other than the fee agreed upon for insurance survey and loss assessment.]

(4) conduct himself with courtesy and consideration to all people with whom he comes into contact during the course of his work;

(5) not accept or perform survey works in areas for which he does not hold a license;

(6) not accept or perform work which he is not competent to undertake, unless he obtains some advice and assistance, as will enable him to carry out the work competently;

(7) carry out his professional work with due diligence, care skill and with proper regard to technical and professional standards expected of him;

(8) keep himself updated with all developments relevant to his professional practice;

(9) at all times maintain proper record for the work done by him and comply with all relevant laws;

(10) assist and encourage his colleagues to obtain professional qualifications, and, in this behalf, provide free article ship and/or practical training [***];

(11) work only as Surveyor and Loss Assessor in insurance business and not undertake any business advisory or consultancy service or work which could give rise to conflict of interest;

(12) not perform any outsourced activity other than those permitted by the Authority's Outsourcing Guidelines.

(13) maintain a register of survey work as specified in FORM-IRDAI-11, containing the relevant information, such as, details of insured, insurer, policy number, date of allocation of survey work, date of submission of survey report, amount of claims assessed, such fee details and shall keep important records of the survey reports, photographs and other important documents for a period of three years and furnish the same and such other specified returns, as and when called for by the Authority or by any investigating authority or the insurer. However, in case of litigation involving above information/ records/ documents/ photographs etc, the same shall be maintained till the conclusion of the litigation.

(14) acknowledge receipt of all monies received in connection with fee or remuneration received for carrying out survey work.

(15) disclose to all parties concerned his appointment, where the acceptance or continuance of such an engagement may materially prejudice, or could be seen to materially affect the interests of any interested party. As soon as a conflict of interest is foreseen, every Surveyor and Loss Assessor shall notify all interested parties immediately and seek instructions for his continuance;

(16) not disclose any information, pertaining to a client or employer or policy holder acquired in the course of his professional work, to any third party, except, where consent has been obtained from the interested party, or where there is a legal right or duty enjoined upon him to disclose;

(17) neither use nor appear to use, any confidential information acquired or received by him in the course of his professional work, to his personal advantage or for the advantage of a third party.

[(18) shall undertake survey jobs in a Company / Firm only as an Employee/Director/Partner. In case of an employee doing the survey, the survey report shall be signed by the employee and counter signed by the Director / Partner of Corporate Surveyor.]

(19) Every Surveyor and Loss Assessor who is an employee of an insurer shall only survey and assess the loss and not involve himself/ herself in settlement of claim.

[(19A) insurer shall conduct enquiry in case of violation of Code of Conduct by the Surveyor and Loss Assessors appointed.

(19B) insurer and Directors/Partners of Company/Firm shall ensure that interim and final survey and loss assessment is carried out by licensed Surveyor and Loss Assessor.

(19C) Directors and Partners of Company/Firm shall exercise reasonable and prudent oversight on all actions of Surveyors and Loss Assessors employed by the Company / Firm.]

(20) Comply with the provisions of AOA, regulations, and Code of Ethics framed by the Institute from time to time.

(21) Comply with all the provisions of the Act, the IRDA Act, the Rules and Regulations made there under and other orders, directions and guidelines issued by the Authority from time to time.

CHAPTER VII

Trainee Applicants

[17. (1) A Student Member seeking a licence to act as a Surveyor and Loss Assessor shall enroll with the Authority to pass the examination and shall undergo practical training as specified by the Authority.

(2) Every applicant who is a Student Member shall:

(a) Behave ethically and with integrity. Integrity implies not merely honesty but fair dealings and truthfulness.

(b) Not accept / perform / undertake any survey works and not issue any survey report without holding a valid licence issued by the Authority to act as Surveyor and Loss Assessor.

(c) Maintain at all times, proper record of training.

(d) Disclose all information relating to any proceedings initiated or investigation pending or carried out against him/her by any agency and details of the outcome thereof.

(e) Follow any other instructions specified by the Authority from time to time.

(3) Student Member shall pass the examination and submit the training completion certificate as specified by the Authority for seeking grant of a licence under Regulation 3.

(4) If a Surveyor and Loss Assessor already licensed by the Authority seeks to obtain licence in additional department(s) of general insurance business other than for which he has been licensed, he shall fulfil the eligibility criteria as specified by the Authority.]

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OLD LAW ▼

18. The Authority may also prescribe the passing by an applicant of an examination on the successful completion of the training prescribed above for the grant of a license under Regulation 3. The examination may be conducted either by the Insurance Institute of India or by an institution authorized by the Authority.

CHAPTER VIII

Miscellaneous

19. Register of Licensed Insurance Surveyors and Loss Assessors. - (1) The Institute shall maintain a Register of all licensed Insurance Surveyors and Loss Assessors containing the following particulars:-

(a) full name, date of birth, domicile, residential and professional address;

(b) the date on which name is entered in the Register;

(c) license number and period of validity;

(d) professional and other qualifications;

(e) areas of survey work licensed to be undertaken;

(f) level of membership in the Indian Institute of Insurance Surveyors and Loss Assessors;

(g) any other particulars as may be prescribed by the Authority from time to time.

Provided that in the case of Corporate Surveyors, the particulars to be entered in the register, shall be with reference to every director or partner, as the case may be.

(2) The Institute shall periodically, delete the particulars of Surveyors and Loss Assessors, who are no longer alive, or whose license has been cancelled from the Register.

(3) The Authority may cause the publication of the relevant particulars entered in the register, as may be considered appropriate by it, at such intervals and in such manner, as may be deemed fit.

20. Submission of returns by Surveyor and Loss Assessor. - Every licensed Surveyor and Loss Assessor shall:-

(1) furnish such document, statement, account, return or report, as and when required by the Authority, and comply with such directions, as may be issued by the Authority in this behalf, from time to time; and

(2) submit an annual statement in FORM-IRDAI-12 given in the Schedule-II to these Regulations.

(3) Every corporate Surveyor and Loss Assessor shall submit a copy of Audit Report and Annual Statement of Accounts by 30th September every year.

21. Submission of Reports by Insurers. - [(1) Every insurer shall have a Board approved surveyor management policy with regard to empanelment of surveyors, utilization of surveyors and allotment of survey jobs to licensed surveyors.

(2) Every insurer shall monitor the performance of Surveyors, including compliance with the code of conduct and the duties and responsibilities laid down in these regulations. It shall be the responsibility of the insurer to enquire into case of violation of code of conduct brought to its notice, conduct the necessary enquiry and investigation and report cases of wherever violation is established, to the Authority immediately.

(3) Every insurer shall file with the Authority report on misconduct of licensed surveyors annually.

(4) Every insurer shall maintain the following details and such records:

•  Details of utilization of Surveyors for each line of business, along with the estimated claim amount on the basis of which a Surveyor is appointed;

•  Details of timelines for submission of reports by Surveyors;

•  Details of complaints, if any, against Surveyors and manner of disposal of the same including action taken against Surveyors, if any;

•  Details of survey fee pending;

•  Details of monitoring the performance of Surveyors in terms of quality and compliance to regulatory timelines and code of conduct;

•  Quarterly data on misconduct of licensed Surveyors, including, action, if any taken, on the employee Surveyors under the employment rules;

•  Half-yearly data in the format as specified;

•  Details of the number of claims reported, number of claims surveyed by in-house / individual / Corporate Surveyors, number of claims settled, amounts paid, number of claims outstanding, amounts involved, reasons for claims outstanding, time taken for claim settlement, claims settlement ratio. The report may be prepared state-wise, surveyor-wise, amount-wise or on any other parameter considered appropriate.

The details given above need to be maintained separately for Individual Surveyors and Corporate Surveyors state-wise, surveyor-wise, amount-wise and shall be maintained as per timeline prescribed in Sub-Rule (8) of Rule 39 of the Insurance Rules, 1939 unless there is litigation involved in which case it shall be maintained as long as required.

The information, reports, data required under these Regulations shall be maintained in electronic / digital form for timely submission of the same to the Authority as and when required or called for.

(5) Any other relevant data /requirement as may be specified.]

22. Inspection. - (1) The Authority, may appoint one or more persons as inspecting authority to undertake inspection of survey work, books, records and documents, or to investigate any bonafide complaint received against a Surveyor and Loss Assessor.

(2) The inspecting authority shall, as soon as possible, submit an inspection report to the Authority.

(3) A Surveyor and Loss Assessor shall provide the information sought by the inspecting authority for the purpose of carrying out inspection/investigation and extend all possible co-operation to facilitate the conduct of its work.

(4) The Authority shall, after consideration of the inspection report, communicate the findings of the inspecting authority to the Surveyor and Loss Assessor, and shall take appropriate action after giving the Surveyor and Loss Assessor a reasonable opportunity of being heard.

23. Suspension of license. - (1) The Authority may suspend a license already granted, to a Surveyor and Loss Assessor (individual/ corporate), if he/it:

(a) Fails to discharge the duties and responsibilities in a satisfactory and professional manner; or

(b) Violates the code of conduct specified in these Regulations or

(c) Makes a statement which is false in material particulars with regard to eligibility for obtaining license or renewal thereof or in any of the activities transacted by him or them or the matters connected therewith as a Surveyor and Loss Assessor or has after the issue or renewal of such license, acquired any of the disqualifications provided under section 42D of the Act; or

(d) Has contravened any of the provisions of the Act, or the IRDA Act, or any rules or regulations made under those Acts, or any order or direction issued by the Authority; or

(e) Has been negligent in discharge of his obligations; or

(f) Has been sentenced to a term of imprisonment by any court of law

Provided that the Authority shall give a reasonable opportunity to the person concerned, of being heard before such suspension.

(2) The Authority may also suspend the license if it is of the opinion based on material information that the continuation of such license would be prejudicial to the interest of the policy holders, in which case the opportunity of personal hearing may not be provided.

(3) The Authority may in addition to the suspension of the individual license of director/ partner of a corporate surveyor may also suspend the license of the corporate surveyor and loss assessor for any act committed as stated at sub-regulation 1 and 2 above.

(4) The suspension of license shall be for such period as may be indicated in the order and shall take effect from the date of the order of suspension until revoked.

(5) During the period of suspension, the holder of such a suspended license shall not carry out any survey and loss assessment work including the survey jobs on hand and shall return all such pending jobs to the insurer or the insured, as the case may be.

24. Cancellation of license. - (1) Where it is found that a Surveyor and Loss Assessor suffers from any of the disqualifications mentioned in section 42D of the Act or has knowingly contravened any provisions of the Act or the IRDA Act, or the Rules or Regulations made under those Acts or any order or directions or instructions issued by the Authority, the Authority may, cancel his license, with effect from such date as may be specified by it.

Provided that the Authority shall give a reasonable opportunity to the person concerned, of being heard, before cancellation

Provided further that the powers conferred on the Authority in this Sub-Regulation are without prejudice to the powers conferred on it by Section 64UM of the Act.

(2) The Authority may also cancel the license if it is of the opinion that the continuation of such license would be prejudicial to the interests of policyholders.

(3) A surveyor whose license has been cancelled for any reason, may submit an application for issuance of license, after the expiry of one year from the date of such cancellation, and, such an application shall be treated as an application for grant of fresh license, and accordingly the applicant shall satisfy all the requirements stated under Regulation 3 or Regulation 4, as the case may be.

25. Procedure for suspension and cancellation of license. - (1) Subject to Regulation 24(1), a licensed Surveyor and Loss Assessor whose license is proposed to be suspended or cancelled by the Authority may be granted an opportunity of hearing before suspending or cancelling the license.

(2) Upon receipt of the order of suspension, the suspended Surveyor and Loss Assessor may file a representation before the Authority for revocation of suspension. The Authority may designate an officer who, upon considering the representation, shall pass such an order or orders as he/she deems fit which shall be communicated to the suspended Surveyor and Loss Assessor.

(3) If, on the basis of the order of the designated person, the Authority revokes the order of suspension and restores the license of the Surveyor and Loss Assessor, it shall indicate the date from which such restoration will take effect.

(4) The license granted by the Authority may be cancelled by the Authority where the suspended Surveyor and Loss Assessor does not represent within a period of 45 days from the date of order of suspension.

(5) Any decision of suspension, cancellation or revocation of license shall be intimated to the concerned surveyor and loss assessor.

[25A. Voluntary Surrender of Licence. - (1) A Surveyor and Loss Assessor whether Individual or Corporate, licensed under these Regulations may make an application to the Authority for surrender of their licence with the following documents:

a. A declaration of completion of all assignments on hand and that no fresh cases are taken up from the date of request for surrender of licence;

b. A certified copy of resolution of the Board of Directors recording reasons for surrender of licence (in case of Corporates);

c. To notify & inform to the Registrar of Companies and comply with their requirements under Companies Act for deletion of main objects of MOA/AOA or produce proof of steps taken to de-register the Company with Registrar of Companies (in case of Corporates);

d. Original copy of valid licence;

e. Any other information, required by the Authority.

The Authority may consider such application on merit provided Surveyor and Loss Assessor is in compliance with all the regulatory requirements before applying for surrender of licence.

(2) Upon acceptance of the application for surrender, the Authority may pass an order for surrender of licence.

(3) The Surveyor and Loss Assessor whose licence is surrendered and accepted by the Authority shall not carry out any new insurance claims related survey and loss assessment work thereafter.]

26. Power to clarify. - In case of any doubt or ambiguity with regard to any of these Regulations, the same shall be clarified by Chairperson of the Authority.

[27. Qualification Requirement for Licensed Surveyors and Loss Assessors. - The qualification specified in the Regulations are prospective and shall be applicable to the applicants who apply for licence to act as Surveyor and Loss Assessor after the date of notification of these Regulations.

Provided, if an already licensed Surveyor and Loss Assessor seeks to act as a Surveyor and Loss Assessor in a new department of general insurance business, he shall apply for such new department after fulfilling the qualifications and other eligibility criteria with respect to such new department as specified in these Regulations.]

[28. Power to Frame Guidelines. - The Authority may issue guidelines on the following:

1) Practical training and approved Institutions;

2) Forms for application of licence and renewal;

3) Mode of payment of fee;

4) Formats for Declaration cum undertaking;

5) Fit and Proper Criteria along with the Format;

6) Any other documents or procedures required under these Regulations.]

[Schedule - I]

Annexure-1

IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015

Qualification Criteria for Enrolment and Licensing of Surveyors and Loss Assessors (Regulation 3)

SL. No.

Department

Academic/Technical/Professional/Insurance Qualifications

1.

Fire

B.E. / B. Tech. / B.Sc. (Engg.)/ A.M.I.E. or its equivalent, Diploma in Engineering of three years duration; Associate or Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI), Fellow members of Insurance Institute of India (III), Post Graduate Diploma in Insurance from IIRM; PGDM from National Insurance Academy.

2.

Marine Cargo

B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Marine Engineering/ Naval Architecture), / certificate of competency as Master of Ship or as First Class Marine Engineer issued by a recognized authority, Degree or diploma in Naval Architecture of a recognized University or Institute. Diploma in Engineering of three years duration; Associate or Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI)/III./Post Graduate Diploma in Insurance from IIRM, MBA (Logistics and Supply chain management), PGDM from National Insurance Academy.

3.

Marine Hull

B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Marine Engineering/ Naval Architecture)/ certificate of competency as Master of Ship or as First Class Marine Engineer issued by a recognized authority.

4.

Engg.

B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent , Diploma in Engineering of 3 years duration from a recognized institution or its equivalent thereof.

5.

Motor

B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Mechanical/ Automobile); Diploma in Mechanical Engineering/ Automobile Engineering of 3 years duration from a recognized institution or its equivalent thereof.

6.

Miscellaneous

B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent; Diploma in Engineering of 3 years duration from a recognized institution or its equivalent; Associate or Fellow Member of ICAI (CA/CMA) Fellow member of., Insurance Institute of India (III) or Post Graduate Diploma in Insurance from IIRM, PGDM from National Insurance Academy.

7.

LOP

Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI), B.Tech/B.E, Diploma in Engg of three years duration.

8.

Crop Insurance*

B.Sc Agriculture / B.Sc. Horticulture/B.Tech (Agricultural Engineering).

Note. - In order to qualify for enrolment and licensing, an applicant should have secured a degree or diploma of a recognized Institute after attending full time course as a regular student or part time course with equivalency certificate issued by the respective Institute/University.

Provided in case of professional courses viz. A.M.I.E; CA/CMA (ICAI) and I.I.I., course completion certificate is treated as valid qualification.

All technical Degree/Diploma stated above shall be obtained from a. AICTE approved Institutions or b. Universities recognized by University Grants Commission or c. institutions of national importance recognized by Ministry of Human Resources Development (MHRD).

Schedule - I

Annexure-2

IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015

Fit and Proper Criteria (Regulation 4)

1. The applicant should satisfy the Authority that: -

(1) He is a fit and proper person to be licensed as Surveyor and Loss Assessor

(2) The directors/partners of corporate surveyor are fit and proper to hold their offices

(3) All of its substantial shareholders/promoters/partners are fit and proper persons;

2. Declaration and Undertaking for directors/ partners/ promoters of corporate surveyors. - (1) 'Declaration and Undertaking' prescribed for the purpose of conducting due diligence to determine the 'fit and proper' status of surveyors and loss assessors and directors/ partners/ promoters of corporate surveyors is given below. Henceforth, surveyors and loss assessors shall use the below format for submitting declaration and undertaking for the purpose of grant of license and/or renewal thereof.

(2) A separate form needs to be submitted by each individual applicant:

Name of the Surveyor (Corporate Surveyors)

I.

Personal Details

a.

Full Name

b.

Position in Surveyor entity

c.

Date of Birth

d.

Educational Qualifications

e.

Relevant Background and Experience

f.

Permanent Address

g.

Present Address

h.

E-mail address/ telephone numbers

i.

PAN under the Income Tax Act Name and address of Income Tax Circle

j.

Address Proof

k.

Relevant knowledge and experience in Insurance

l.

Any other information relevant to position

II.

[***]

III.

Undertaking

I confirm that the above information is, to the best of my knowledge and belief, true and complete. I undertake to keep the Authority fully informed, as soon as possible, of all events, which take place subsequent to issuance of my license to act as Surveyor and Loss Assessor, which are relevant to the information provided above.

Place

Signature


Date

Name


Schedule II

Application Forms and Licensing formats

Form - IRDAI - 1 - AF

[See Regulation 3(1)]

Application for a License to Act as Surveyor and Loss Assessor (Individual)

Application for Fresh License is accepted online only on www.irdabap.org.in

Applicant is required to enrol online for training and qualify professional exams before applying for fresh license. For enrolment go to www.irdabap.org.in

Checklist

Please ensure the following:

(1) To enclose a copy of the Student Membership Certificate issued by the IIISLA (mandatory) "details are available on www.iiisla.co.in"

(2) To make online payment of fees (as mentioned in the Regulations) through "NET BANKING /DEMAND DRAFT/ NEFT/ RTGS" during application submission.

(3) To attach scanned copy of Degree/ Diploma attested by Notary/ Magistrate.

(4) To attach scanned copy of affidavit duly Notarized against S. No. 2 of the application form.

(5) To enclose attested and scanned documents in response to Q. No.'s 4, 8, 9, 10 & 11. The answers to which are a must.

(6) To attach a recent scanned copy of passport size photograph along with the application form.

(7) Send physical copies of application, uploaded documents and self addressed envelope of 4.5"X10" with Rs.40 postage stamp to IRDAI. These are mandatory for grant of license.

(8) To attach Fit and Proper statement as mentioned in Regulation 3 in prescribed format.

Notes. - Read with Regulation 3

(1) The attention of the applicant is drawn to Section 102(a) of the Insurance Act 1938, which provides that "if any person, who is required under this Act, or rules or regulations made there under to furnish any document, statement, account, return or report to the Authority, fails to furnish the same, he shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less".

(2) An individual can apply for only one license, which will entitle him to act as a Surveyor and Loss Assessor for any insurer.

(3) Any correction or alteration made in answer to the questions in the application should be initialled by the applicant.

(4) An applicant must be at least 18 (eighteen) years of age on the date of submission of the application. In the case of any applicant declaring his age as 18 years, the exact date of birth should be stated against item no 6 of the application. If required the applicant shall furnish proof of age.

(5) A notification will be sent to the applicant on successful submission of the application form.

(6) Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change.

(7) As the license is issued bilingual viz. Hindi and English, the applicant may like to indicate how he spells his name in Hindi. It is, therefore, advised that the name and address may be written in bilingual form.

[***]

OLD LAW ▼

Form - IRDAI - 1 - AF

1. I, student member of the Institute, request that a license to act as a Surveyor and Loss Assessor may be granted to me for the following department

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Please tick









Student Membership Details...... ( to upload soft copy of the Membership Certificate and ID card issued by the Institute)

2. I hereby declare that

(1) I have not been found to be of unsound mind by a Court of competent jurisdiction.

(2) I have not been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or of abetment or attempt to commit any such offence by a Court of Competent Jurisdiction.

(3) I have not been found guilty of or to have knowingly participated in or connived at any fraud/dishonesty or misrepresentation against an insurer or an insured in the course of any judicial proceeding relating to any policy of insurance or the winding up of an insurer.

(4) I shall not violate the code of conduct specified by the Regulations made by the Authority.

(5) I possess the requisite qualifications and practical training as specified by the Regulations made by the Authority.

(6) I have passed such examination as specified by the Regulations made by the Authority.

3. I also declare that the particulars given below are true:

(1)

Full Name (Shri/Smt/Kum)[in English & Hindi)

…...............................................................................

(2)

Father/Husband's Name

…...............................................................................

(3)

Present address [in English & Hindi]



Address1

…...............................................................................


Address2

…...............................................................................


Address3

…...............................................................................


City/Town/Village

…...............................................................................


District

…...............................................................................


State

…...............................................................................


Country

…...............................................................................


Pin code

…...............................................................................

   (4)

Permanent address



Address1

…...............................................................................


Address2

…...............................................................................


Address3

…...............................................................................


City/Town/Village

…...............................................................................


District

…...............................................................................


State

…...............................................................................


Country

…...............................................................................


Pin code

…...............................................................................

4. Qualification


(1)

Academic / Professional

.....................................................................................


(2)

Insurance

.....................................................................................


(3)

Training Attended

.....................................................................................



(Nature - Duration for all of the above)

5. Communication

Phone Office

Phone Res.

Fax

Mobile

Email ID

Alternate Email ID







6. Date of Birth                 ......................................

7. Sole Proprietor (Name if applicable)           ......................................

8. Practical Training Details (Please enclose the Training Completion Certificate obtained from the surveyor/ corporate surveyor)

Name of the Surveyor/ Corporate surveyor

Departments allocated to surveyors/ Corporate Surveyor

Level of Membership allotted to the Surveyor/ Corporate surveyor

Period of training undergone (Please mention dates)

Name of person(s) under whom training undertaken

Areas Covered

Result








9. Experience Details:

(1) Whether the applicant was employed with any insurance company:

(2) Job Experience in previous employment other than insurance surveyor, if any:

(3) Details of other business/employment:

10. Occupation status:

    Student

    Professional

    Business

    Employee

    Service

    Housewife

    Others ...

11. Employment details:( In chronological order of employment).

(1) Whether applicant is currently employed? Yes/No ............

(2) If yes, provide details below and also attach scanned copy of NOC from employer

Name of Employer

Nature of Organization

Nature of Work

Period of employment

From Date

To Date


(Govt./Semi-govt/ Private Firm, insurance company, surveyor firm, PSU, others)

(Insurance survey related, Others)



(3) Details of any other business/profession carried out:

Name of Firm

Designation

Nature of Business




12. Have you ever held a license to act as a Surveyor and Loss Assessor?

If Yes, please provide details:

    License No.

    ..........................................................

    Date of Issue

    ...........................................................

    Expiry Date

    ............................................................

13. Fee Payment: NET BANKING/DEMAND DRAFT

Fee applicable for Fresh License. - Rs.1000/- plus applicable service tax as prescribed by Central Government from time to time.

14. Declaration:

I solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of Applicant.......................................

Form-IRDAI-2-LF

[See Regulation 3(9)]

Not Transferable

Insurance Regulatory and Development Authority of India

License No. .................

License to Act as a Surveyor and Loss Assessor Under the Insurance Act, 1938

(Individual)

Mr./ Mrs./ Miss.............................................

Address House No................ Street..................

Town/ District ............ State.......... Pin code.......

* working as sole proprietor of .............................................having Membership No ............. of the Institute and having paid the specified fee and having made the necessary declaration is hereby authorised under Section 64UM of the Insurance Act, 1938 to act as Surveyor and Loss Assessor for a period of three years from ................................

This License will expire on                    DD-MM-YYYY

Name ............................................. is allocated the following departments and Level of Membership:

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

[***]









Hyderabad, dated the DD-MM-YYYY

Signature of License Holder................................

............................................Designated Person

Insurance Regulatory and Development Authority of India

Notes. - 1. If it is desired to renew this license for a further period, the procedure stated in the Regulations shall be followed, and an application for renewal should reach the Authority at least thirty days before the license expires.

2. This license authorizes the license holder to act as a Surveyor and Loss Assessor for any registered insurer and therefore, no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the license.

3. No correction in this license shall be valid unless initialled by the Designated Person of the Authority.

[***]

OLD LAW ▼

Form - IRDAI- 3 - AF

[See Regulation 4(1)]

Application From A Firm Or Company for a License to Act as a Surveyor and Loss Assessor

Application for fresh Corporate Surveyor license is accepted online only on www.irdabap.org.in

Checklist

Please ensure the following:

1. To enclose a copy of the Membership certificate of directors/partners issued by the IIISLA (mandatory) "details are available on www.iiisla.co.in" .

2. To make online payment of fees (as mentioned in these Regulations) through "Net Banking" during application submission.

3. To attach scanned copies ready of Degree/ Diploma /Technical qualifications attested by Notary/ Magistrate only.

4. To attach scanned copy of affidavit duly Notarized against S. No. 2 of the application form.

5. Attach attested and scanned copies of documents wherever required.

6. Send Self addressed envelope 4.5"X10" with Rs.40 postage stamp to IRDAI.

7. To attach Fit and Proper statement as mentioned in Regulation 3 in prescribed format.

Notes. - Read with Regulation 4

1. The attention of the applicant is drawn to Section 102(a) of the Insurance Act 1938, which provides that if any person, who is required under this Act, or rules or regulations made there under to furnish any document, statement, account, return or report to the Authority, fails to furnish the same, he shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.

2. A firm or company including group companies can apply for only one license which will entitle it to act as a Surveyor and Loss Assessor.

3. Any correction or alteration made in the application should be initialled by the applicant.

4. Name of the company should be suffixed by "Insurance Surveyor and Loss Assessor".

5. A licensed SLA cannot act/function as a Director/Partner of more than one Corporate Surveyor.

6. All directors shall possess license to act as Surveyor and Loss Assessor.

7. The main object of the company/firm shall be to undertake survey, loss assessments and related jobs.

8. Any changes in license details should be duly reported within 15 days to IRDAI for grant of modified license. Affidavit should be provided on behalf of the firm.

9. The fee (as may be specified by Authority from time to time) to be applied depends on the highest level of membership of any of the Director/Partner of the company/Firm.

10. An affidavit of Rs. 10/- duly notarized on non-judicial stamp paper is required to be scanned and attached for renewal of licenses in the form of a declaration as contained against Sl.No.8 of the application form.

11. An email notification will be sent to the applicant on successful submission of the application form.

12. Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change.

Form - IRDAI- 3 - AF

1. It is requested that a license to act as a Surveyor and Loss Assessor may be granted to our Firm/Company for the following departments and level of membership allotted to our directors/partners under their individual surveyor license:

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Name of director/partners, their individual License-Details & level of Membership









2. It is hereby declared that -

(1) No director/ partner of our Company/Firm has been found to be of unsound mind by a Court of competent jurisdiction.

(2) No director/ partner of our Company/Firm has been found guilty of criminal misappropriation or criminal breach of trust, or cheating or forgery, or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction.

(3) No director/ partner of our Company/Firm has been found guilty of or to have knowingly participated in or connived at any fraud, dishonesty or misrepresentation against an insurer or an insured in the course of any judicial proceedings relating to any policy of insurance or the winding up of an insurer or in the course of an investigation of the affairs of an insurers.

(4) No director/ partner of our Company/Firm is a minor.

(5) No director/ partner of our Company/Firm shall violate the code of conduct specified by the regulations made by the Authority.

(6) All director(s)/ partner(s) of our Company/Firm possess the requisite qualifications and practical training as specified by the regulations made by the Authority.

(7) All director(s)/ partner(s) persons of our Company/Firm have passed such examination as specified by the regulations made by the Authority.

(The above declaration shall pre-populate in the online licensing process)

3. It is also declared that the particulars given below are true.

(1) Name of Company/Firm (In English & Hindi) ......................

(2) Address of Company/Firm (In English & Hindi) ......................

(Registered/Corporate Office) .........................

(3) Details of Branch Office/s (If any) ..........................

(4) Details of Employees

Licensed surveyors employed in the firm & Level of membership

Designation

Employment Period

SLA No.

Date of Expiry

From Date

To Date







4. It is also declared that the name of all the director/s & partner(s) with their addresses and their date of birth submitted:

(1) have been in practice as a surveyor/ loss assessor on the 31st May,1970 or;

(2) hold a degree of a recognized university in any branch of engineering, or

(3) be a fellow or associate member of the Institute of Chartered Accountants of India or Institute of Cost and Works Accountants of India or

(4) possess actuarial qualifications or hold a degree or diploma of any Indian University or Institute in relation to insurance, or

(5) hold a diploma in insurance granted or recognized by the Government, or

(6) possess any of the technical qualifications mentioned in Rule 56A

(N.B. 1. - In the case of each of the partners/directors claiming to come under item (a) above and not being eligible to come under any of the items (b) to (f) above, a Certificate sworn before a Magistrate or a Notary Public should be forwarded and in the case of each of the partners/Directors claiming to come under any one of the items (b) to (f) above, either the original diplomas/ certificates with one attested copy each, or copies of the diplomas/ certificates duly attested by a Magistrate or Notary Public should be enclosed. Where original diplomas/ certificates are sent, they will be returned after perusal, but no responsibility can be accepted for loss or damage of such originals

5. Details of Directors (details of multiple directors is captured)

    (1)

    SLA No.

    …...............................................

    (2)

    Membership details of Institute:



    (a) Membership/ ID card No

    …................................................


    (b) Date of Issue of ID card

    …..............................................


    (c) Level of membership allotted

    …...............................................


    (d) Date of Expiry

    …..............................................

    (3)

    Name

    …...............................................

    (4)

    Address

    …...............................................

    (5)

    Departments allocated

    …................................................

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Level of Membership









(6)Last Employment details

Name of Employer

Nature of Organization

Nature of Work

Period of employment

From Date

To Date


(Govt./Semigovt/ Private Firm, insurance company, corporate surveyor, PSU, others)

(Insurance survey related, Others)



N.B. - Where a director/ partner does not already hold an individual license then an application (in FORM-IRDAI-1-AF.- Application for New License) from such a person should also be submitted.

6. Did the Firm/Company ever hold a license? If Yes, provide details below and upload copy of old license

    (1)

    SLA No.

    .......................................

    (2)

    Date of Issue

    ........................................

    (3)

    Date of expiry

    ...........................................

    (4)

    Reason for Non renewal

    ............................................

7. Fee Payment. - Net Banking /Demand Draft/NEFT/RTGS

Fee applicable for Fresh License. - Rs.1000/- plus applicable service tax as prescribed by Central Government from time to time.

8. Declaration:

I solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of Applicant......... .........................................

(duly authorized by the Company/Firm)

Form - IRDAI - 4 LF

[See Regulation 4(13)]

Not Transferable

Insurance Regulatory and Development Authority of India

License No. .................

License to Act as a Surveyor and Loss Assessor Under the Insurance Act, 1938

(Corporate)

Name of the Company/Firm: ..................................................

Registered Address: ..................................................

Having paid the specified fee and having made the necessary declaration is hereby authorized under Section 64UM of the Insurance Act, 1938 to act as a Surveyor and Loss Assessor for three years from DD-MM-YYYY.

This License will expire on DD-MM-YYYY.

The following are the details of Directors / Partners along with individual license no., departments [***] allotted: -

Name of Director/ Partner

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

License and Membership details of directors/partners










Hyderabad, dated the DD-MM-YYYY

Name of the directors/Partners

Photo Director 1


Photo Director 2


Photo Director 3

Name...........................

Name....................................

Name.............................

Signature

.........................................................

Seal of the Company/Firm

.................................................

Designated Person

Insurance Regulatory and Development Authority of India

Notes. - 1. If it is desired to renew this license for a further period, the procedure stated in the Regulations shall be followed, and an application for renewal should reach the Authority at least thirty days before the license expires.

2. This license authorizes the license holder to act as a Surveyor and Loss Assessor for any registered insurer and therefore, no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the license.

3. No correction in this license shall be valid unless initialled by the Designated Person of the Authority.

[***]

OLD LAW ▼

Form - IRDAI - 5 AF

[See Regulation 6(1)]

Application for Renewal of a License to act as Surveyor and Loss Assessor

(Individual)

Renewal Application is accepted online only on www.irdabap.org.in

Checklist

Please ensure the following:

1. To enclose a copy of the membership certificate issued by the IIISLA (mandatory) "details are available on www.iiisla.co.in"

2. To submit FORM-IRDAI-12 (annually) online before applying for Renewal and to make online payment of fees (as mentioned in these Regulations) through "Net Banking/ NEFT/ RTGS" or through a Demand Draft to be submitted along with application Form..

3. To attach scanned copy of previous license.

4. To attach scanned copies of qualifications duly attested by notary.

5. to attach scanned copy of affidavit duly notarised against S. No. 2 of the application form.

6. To send Self addressed envelope 4.5" X 10" with Rs.40 postage stamp to IRDAI to send hard copy of the renewed license

7. To attach a recent scanned copy of passport size photograph along with the application form.

Notes. - Read with Regulation 6

1. All licensed surveyors shall apply online 30 days before the expiry of the license.

2. Any correction or alteration made in answer to the questions in the application should be initialled by the applicant.

3. An affidavit of Rs. 10/- duly notarized on non-judicial stamp paper is required to be scanned and attached for renewal of license in the form of a declaration as contained against S. No. 2 of the application form.

4. An email notification will be sent to the applicant on successful submission of the application form.

5. Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change for grant of modified license by the authority.

Form - IRDAI - 5 AF

1. I request that the below license may be renewed for a further period of three years.

(1) Current License Details

      (a) SLA No. (mandatory)

      .....................................

      (b) License Effective Date

      .....................................

      (c) Date of Expiry

      ........................................

(2) Membership details of Institute:

      (a)

      Membership/ID card No

      ..............................................

      (b)

      Date of Issue of ID card

      ..............................................

      (c)

      Level of membership allotted

      ..............................................

    (3)

    Name of Surveyor and Loss Assessor

    ......................................................

    (4)

    Permanent Address

    ......................................................

    (5)

    Present Address

    ......................................................


    (If change in present address, please upload proof of address)

    (6)

    Departments allocated

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Level of Membership









2. I declare that since the date of my last application for license:

(1) I have not been found to be unsound mind by a Court of competent jurisdiction.

(2) I have not been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery of an abetment of or attempt to commit any such Offence by a Court of Competent jurisdiction, and

(3) I have not been found guilty of or to have knowingly participated in or connived at any fraud/dishonesty or made any misrepresentation against an insurer or an insured in the course of any judicial proceeding relating to a policy of insurance or the winding up of any investigation of the affairs of an insurer, and

(4) My license has not been cancelled at any time by the Controller of Insurance/ Insurance Regulatory and Development Authority of India.

(5) I declare that I continue to hold the qualification on the basis of which my license mentioned above was issued.

(6) An undertaking on performance report showing survey work done by me during the last 3 years of the validity period indicating total number of survey work, and amount involved in each category of cases, year-wise and company-wise is attached.

(7) In addition to surveyor's work, I am also engaged on other occupations, the details of which are given below: Or I am not engaged in any other occupation.

(8) I have not been disqualified for any of the provisions of IRDAI (Insurance Surveyors and Loss Assessors) Regulations 2015 neither attracted the disqualification stated in section 42D of the Insurance Act, 1938.

3. Occupation status:

    Student

    Professional

    Business

    Employee

    Service

    Housewife

    Others ...

4. Employment details:

(1) Whether applicant is currently employed?   Yes/No      ...............

(2) If yes, provide details below and also attach scanned copy of NOC from employer

Name of Employer

Nature of Organization

Nature of Work

Period of employment

From Date

To Date


(Govt./Semigovt/ Private Firm, insurance company, surveyor firm, PSU, others)

(Insurance survey related, Others)



(3) Details of any other business/profession carried out:

Name of Firm

Designation

Nature of Business




5. Whether the applicant has been in practice as a Surveyor and Loss Assessor on the 31st May, 1970? If answer is in YES and the applicant does not possess any of the qualifications stated in Insurance Act, 1938 and rules and regulations made there under the applicant must make a declaration and duly sworn before a Magistrate or a Notary Public.

6. Fee Payment; NET BANKING/ DEMAND DRAFT/ NEFT/ RTGS

A fee of Rs. 100/- plus applicable service tax as prescribed by Central Government from time to time.

7. In case license is submitted after expiry upto a maximum period of six months, the license fee will be Rs. 100/- + penalty of Rs. 750/- plus applicable service tax as prescribed by Central Government from time to time (also attach notarized copy of qualification).

8. Declaration

I solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of Applicant..............................

Date:

Place:

Form - IRDAI - 6 - AF

[See Regulation 6(1)]

Application From A Firm Or Company for Renewal of a License to act as a Surveyor and Loss Assessor

Corporate Surveyor Renewal Application is accepted online only on www.irdabap.org.in

Checklist

Please ensure the following:

1. To enclose a copy of the membership certificate of partners/directors issued by the IIISLA (mandatory) "details are available on www.iiisla.co.in"

2. To submit FORM-IRDAI-12 (annually) online before applying for Renewal and to make online payment of fees (as mentioned in these Regulations) through Net Banking NEFT/ RTGS" or through a Demand Draft to be submitted along with application Form.

3. To attach scanned copies ready of Degree/ Diploma/Technical qualification attested by Notary/ Magistrate.

4. To attach scanned copy of affidavit duly notarized against S.No.4 of the application form.

5. To send Self addressed envelope of 4.5" X10" with Rs.40. postage stamp to IRDAI to send a hard copy of the License Certificate.

Notes. - 1. The application should be submitted online at least 30 days before the expiry of the license with a renewal fee of Rs.100 + applicable service tax as per approval of GOI may be paid online through Net Banking/Demand Draft/NEFT/RTGS.

2. In case application is not submitted in accordance with 1 above or if the application is submitted within six months after expiry of license period, the license fee will be Rs.100/- + penalty of Rs.750/- + service tax as applicable through Net Banking/Demand Draft/NEFT/RTGS.

3. The attention of the applicant is drawn to Section 102(a) of the Insurance Act 1938, which provides that if any person, who is required under this Act, or rules or regulations made there under to furnish any document, statement, account, return or report to the Authority, fails to furnish the same, he shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.

4. A firm or company including group companies can apply for only one license which will entitle it to act as a Surveyor and Loss Assessor.

5. Any correction or alteration made in the application should be initialed by the applicant.

6. Name of the company/firm should be suffixed by "Insurance Surveyor and Loss Assessor".

7. A licensed SLA cannot act/function as a Director/Partner of more than one company/firm.

8. All directors shall possess surveyor license which shall be duly licensed and categorized.

9. The main object of the company/firm shall be to undertake survey, loss assessments and related jobs.

10. Any changes in license details should be duly reported within 15 days to IRDAI for grant of modified license by the Authority. Affidavit should be provided on behalf of the firm.

11. An affidavit of Rs. 10/- duly notarized on non-judicial stamp paper is required to be scanned and attached for renewal of licenses in the form of a declaration as contained against S.No. of 6 of the application form.

12. An email notification will be sent to the applicant on successful submission of the application form.

13. Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change.

Form - IRDAI - 6 - AF

1. Current Corporate Surveyor and Loss Assessor License Details

    (1) SLA no.

    ..............................................................

    (2) Date of Expiry

    ..............................................................

    (3) Name of the Firm/Company

    ..............................................................

    (4) Address of Company/Firm

    ..............................................................

2. Departments allocated to directors/partners

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

License details of directors/partners and level of membership









3. It is requested that the above license may be renewed for a further period of three years for the following classes of insurance and level of membership allotted to directors/partners:

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

License details of directors/partners and level of membership









4. It is hereby declared that-

(1) No director/ partner of our Company/ Firm has been found to be of unsound mind by a Court of competent jurisdiction;

(2) No director/ partner of our Company/ Firm has been found guilty of criminal misappropriation or criminal breach of trust, or cheating or forgery, or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction;

(3) No director/ partner of our Company/ Firm has been found guilty of or to have knowingly participated in or connived at any fraud, dishonesty or misrepresentation against an insurer or an insured in the course of any judicial proceedings relating to any policy of insurance or the winding up of an insurer or in the course of an investigation of the affairs of an insurer; and

(4) No director/ partner of our Company/ Firm is a minor.

(5) No director/ partner of our Company/ Firm shall violate the code of conduct specified by the regulations made by the Authority.

(6) All director(s)/ partner(s) of our Company/ Firm possess the requisite qualifications and practical training as specified by the regulations made by the Authority.

(7) All director(s)/ partner(s) of our Company/ Firm have passed such examination as specified by the regulations made by the Authority.

5. It is declared that each one of the Director(s) / partner(s) of the firm who was a partner/ Director when the above mentioned license was issued and who is now a Director(s) / partner(s)continues to satisfy the requirements of clause (D) of subsection (1) of Section 64UM of the Act.

6. It is also declared that all the director(s)/partner(s) whose address, date of birth have been submitted

(1) have been in practice as Surveyor and Loss Assessor on 26th October,1968 ,or

(2) hold a degree of a recognized university in any branch of engineering, or

(3) be a fellow or a associate member of the Institute of Chartered Accountants of India or Institute of Cost and Works Accountants of India, or

(4) possess actuarial qualifications or holds a degree or diploma of any Indian University or Institute in relation to Insurance, or

(5) hold a diploma in insurance granted or recognized by the Government, or

(6) possess any of the technical qualifications mentioned in Rule 56A.

(The above declaration shall pre-populate in the online licensing process)

[N.B. 1. - In the case of each of the director/partner who was not a partner/ Director on the date of last application for license where he claims to come under item (a) above, and is not eligible to come under any of the items (b) to (f) above, a declaration as given in the Insurance Rules, 1939 and sworn before a Magistrate or a Notary Public should be forwarded with this form; and where he claims to come under any one of the items (b) to (f) above, either the original diplomas/certificates with one of the attested copy each, or copies of the original diplomas/certificates duly attested by a Magistrate or Notary Public should be enclosed. Where original diplomas/certificates are sent, they will be returned after perusal, but no responsibility can be accepted for loss or damage of such originals.

7. Details of Directors/Partners

    (1)

    Name of the director/partner

    .............................................................

    (2)

    SLA no.

    .............................................................

    (3)

    Date of Expiry

    .............................................................

    Membership details of Institute:

    (4)

    Membership ID card No

    .............................................................

    (5)

    Date of Issue of ID card

    .............................................................

    (6)

    Level of membership allotted

    .............................................................

    (7)

    Name

    .............................................................

    (8)

    Address

    .............................................................

    (9)

    Departments allocated


Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

License details and level of membership









Note. - Where a director/ partner does not already hold an individual license then an application (in FORM No.- IRDAI - 1-AF - Application for New License) from such a person should also be submitted.]

(10) Last Employment details

Name of Employer

Nature of Organization

Nature of Work

Period of employment

From Date

To Date


(Govt./Semi-government/ Private Firm, insurance company, corporate surveyor, PSU, others)

(Insurance survey related, Others)



8. Declaration

I solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of the applicant...................................

(Digital Signature)

Name of the Company/Firm:

Corporate Surveyor License No :

Seal of the Company/ Firm

Form - IRDAI - 7 LF

[See Regulation 6(5)]

Not Transferable

Insurance Regulatory and Development Authority of India

License No. .................

Renewal of License to Act as a Surveyor and Loss Assessor Under the Insurance Act, 1938 (Individual)

Mr./ Mrs./ Miss.............................................

Address ..........................................................................................

* working as sole proprietor of ................................................... having Membership no .... of the Institute and .having paid the specified fee and having made the necessary declaration, his/her License No. ............... dated ..................... to act as a Surveyor and Loss Assessor is hereby renewed upto .................... day of .................... 20 ..........

Name ............................................. are allocated the following departments and category:

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

[***]









Hyderabad, dated the DD-MM-YYYY

Signature of License Holder..............................................................................

Designated Person

Insurance Regulatory and Development Authority of India

Notes. - 1. If it is desired to renew this license for a further period, the procedure stated in these Regulations shall be followed, and an application for renewal should reach the Authority at least thirty days before the license expires.

2. This license authorizes the license holder to act as a Surveyor and Loss Assessor for any registered insurer and therefore, no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the license.

3. No correction in this license shall be valid unless initiated by the Designated Person of the Authority.

Form - IRDAI - 8 LF

[See Regulation 6(5)]

Not Transferable

Insurance Regulatory and Development Authority of India

License No. .................

Renewal of License to act as a Surveyor and Loss Assessor Under the Insurance Act, 1938 (CORPORATE)

Name : .....................................................................................

Address: ..................................................................................

having paid the specified fee and having made the necessary declaration is hereby authorized under Section 64UM of the Insurance Act, 1938 to act as a surveyor/loss assessor for three years from DD-MM-YYYY.

This License will expire on DD-MM-YYYY.

The Directors / Partners are allocated the following departments [***] :-

Sl No.

Name of Director

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

License and Membership details of director










Hyderabad, dated the DD-MM-YYYY

Signature of the license Holder.....................

Seal of the Firm/Company........................

........................................

Designated Person

Insurance Regulatory and Development Authority of India

Notes. - 1. If it is desired to renew this license for a further period, the procedure stated in these Regulations shall be followed, and an application for renewal should reach the Authority at least thirty days before the license expires.

2. This license authorizes the license holder to act as a Surveyor and Loss Assessor for any registered insurer and therefore, no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the license.

3. No correction in this license shall be valid unless initialled by the Designated Person of the Authority.

[***]

OLD LAW ▼

Form - IRDAI-9-AF

[See Regulation 9(1)]

Application for Duplicate License

1. I regret to inform you that my/ our license no. ................................... expiry date DD-MM-YYYY has been

Lost

Destroyed

Mutilated

by the following circumstances ............................................................................................

................................................................................................................................................

.......................................................................................................................................

2. The fees as specified by the Authority from time to time is also paid below for issue of duplicate license.(Fee Payment: Net Banking/Demand Draft/NEFT/RTGS)

3. I/ We , therefore request the Authority to kindly issue a duplicate license in light of the circumstances explained above.

Declaration

I/We, .................................. solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

In case the original license is traced, I/We assure you that the same shall be returned to the authority.

.............................................

Signature of the Applicant

Date:

Place:

Encl.: mutilated pieces, if any, in possession of the person making the application.

Form - IRDAI-10-LF

[See Regulation 9(3)]

Not Transferable

License No................

Duplicate License

Name ................................................................................................ Address: House No. ..................... Street..................... Town/ District ...................... State .....................Pin code............ having paid fee as specified by the Authority from time to time and having made the necessary declaration of having lost/destroyed/mutilated the license is hereby authorized under Section 64UM of the Insurance Act, 1938 to continue to act as Surveyor and Loss Assessor for the balance period till expiry of the license.

This License will expire on DD-MM-YYYY

The Surveyor and Loss Assessor will continue to work for the following departments:

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

[***]









Hyderabad, dated the ........... 20.....

Signature of the license Holder.....................

Seal of the Firm/Company........................

..............................................

Designated Person

Insurance Regulatory and Development Authority of India

Notes. - 1. If it is desired to renew this license for a further period, the procedure stated in these Regulations shall be followed, and an application for renewal should reach the Authority at least thirty days before the license expires.

2. This license authorizes the license holder to act as a Surveyor and Loss Assessor for any registered insurer and therefore, no identifying mark or note of any description by which the identity of an insurer might be established should be placed on the license.

3. No correction in this license shall be valid unless initialled by the Designated Person of the Authority.

Form - IRDAI-11

[See Regulation 16(13)]

Format for Keeping Records for 3 Years

    1. Name of Surveyor      ............................................

    2. License Details

       Current SLA No      .........................................

        Date of Expiry

        DD-MM-YYYY

S.No.

Name and address of the Insured

Name & Address of the Insurer

Policy No.

Dept in which the claim falls

Date of allocation of survey work

Date of survey/ inspection

Date of submission of survey report

Amount of Claim assessed

Survey Fee Details (Amount/ date of payment)





























































Note. - The survey reports, photographs, etc. as mentioned in regulations 16(13) shall be kept separately.

Form - IRDAI-12

[See Regulation 20(2)]

Format for Annual Submission of Return to the Authority

1.

Name of Surveyor

......................................

2.

License Details




Current SLA No

......................................


Date of Expiry

DD-MM-YYYY

3.

Qualifications acquired in the past 1 year (Upload docs for proof)


(1) Academic / Professional

......................................


(2) Insurance

......................................


(3) Training Attended

......................................

(Nature - Duration for all of the above)

4. No. of surveys done in last financial year and the name of insurers: 20 _ 20 __

Insurers

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Total

A

B

C

D










5. No. of surveys done in last financial year as surveyor appointed by the policyholders : 20 _____ 20 _____

Name of the Policy holder

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Total

A

B

C

D










6. Income from other risk assessment assignments during the last financial year

Risk Assessment carried out with (person/legal entity)

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Total

A

B

C

D










7. Quantum of losses assessed in last financial year:

20XX-20XX

Fire

No.

Marine cargo

No.

Marine Hull

No.

Engg

No.

Motor

No.

Misc

No.

Crop Insurance

No.

LOP

No.

> 10 Lacs


> 1 Lac


> 10 Lacs


> 2.5 Lacs


> 50,000


> 1 Lac


> 50,000


> 10 Lacs


1 - 10 Lacs


25,000 - 1 Lac


2.5 - 10 Lacs


50,000 - 2.5 Lacs


10,000 - 50,000


25,000 - 1 Lac


10,000 - 50,000


1 - 10 Lacs


0 - 1 Lac


0 - 25,000


0 - 2.5 Lacs


0 - 50,000


0 - 10,000


0 - 25,000


0 - 10,000


0 - 1 Lac


Total
















8. Declaration

I . .................................. solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of the applicant.......................................

Date:

Place:

[***]

OLD LAW ▼

Form - IRDAI-13

Prescribed Format for Enrolment as Trainees

[See Regulation 17(1)]

Instructions:

(1) It is mandatory to enclose copy of the Student membership ID issued by the Institute.

(2) It is mandatory to attach certificate of trainer/surveyor firm along with the enrolment application.

(3) Enrolment applications will be processed by IRDAI only after receiving online submission of certificate from the selected trainer/Surveyor firm by trainee.

(4) Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change.

Details of the Applicant

1.

Name

..................................................

2.

Membership Details of the Institute:



Student Membership no


3.

Permanent address

..................................................

4.

Present address

..................................................

5.

Communication details


Phone Office

Phone Res.

Fax

Mobile

Email ID

Alternate Email ID







6. Date of Birth

….................................................

7. Nationality

….................................................

8. Qualifications acquired (Upload docs for proof)


(1) Academic / Professional

….................................................


(2) Insurance

….................................................


(3) Training Attended

….................................................


(Nature - Duration for all of the above)

9. Occupation status:

    Student

    Professional

    Business

    Employee

    Service

    Housewife

    Others ...

10. Employment details:

(1) Whether applicant is currently employed?   Yes/No           ............

(2) If yes, provide details below and also attach scanned copy of NOC from employer

Name of Employer

Nature of Organization

Nature of Work

Period of employment

From Date

To Date


(Govt./Semi-govt/ Private Firm, insurance company, corporate surveyor, PSU, others)

(Insurance survey related, Others)



(3) Details of any other business/profession carried out:

Name of Firm

Designation

Nature of Business




11. Options for departments, in which you wish to be trained and granted surveyor license

1.________________2._______________3.________________

4. ________________ 5. ___________ __ 6.____________

7.________________ .8. ____________

12.

Name of Trainer Surveyor :

..........................................................


SLA No.

..........................................................


Membership Details of the Institute:

..........................................................


Membership ID card No

..........................................................


Date of Issue of ID card

..........................................................


Date of expiry

..........................................................

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Level of Membership









Present Address ..................................................

Communication details.

Phone Office

Phone Res.

Fax

Mobile

Email ID

Alternate Email ID







13. Declaration

I solemnly declare and confirm that the particulars given above are true to the best of my knowledge and belief.

Signature of the Applicant .......................................

Date:

Place:

Form -IRDAI-14

Format of Certificate From Trainer Surveyor Giving Acceptance to Impart Training

[See Regulation 17(1)]

[Important Instructions: This form needs to be filled by trainer after receiving automated notification regarding enrolment of the trainee surveyor]

1. I,__________________(name of Surveyor) employee/director/partner of M/s.__________ (name of the Corporate Surveyor) and bearer of Surveyor and Loss Assessor License no._________& Membership No _______________ certify that Mr. / Ms.________ is enrolled for training as a trainee surveyor in the following department/s:

(1)   _______________

(2)   _______________

(3)   _______________

(4)   _______________

(5)   _______________

(6)   _______________

(7)   _______________

(8)   _______________

2. I have verified the information pertaining to educational qualifications and certify that they are true and correct. I am a Member of the Institute and hold a valid Surveyor and Loss Assessor license issued by the Insurance Regulatory And Development Authority of India for the departments I am imparting practical training.

3. I undertake to impart practical training to the best of my knowledge and ability and agree to supervise his/ her performance on a weekly basis, based on records to be maintained by the trainee and keep the Insurance Regulatory and Development Authority of India informed about the progress by way of submission of quarterly reports in the form and manner prescribed.

    Surveyor's License No

    .......................................

    Date of Expiry

    .....................................

    Address

    ......................................

Phone Office

Phone Res.

Fax

Mobile

Email ID

Alternate Email ID







Signature of Trainer .....................................

Date:

Place:

Form -IRDAI-15

Quarterly Report

[See Regulation 17(4)]

Important Instructions:

Format For Daily Diary

(To Be Maintained By Trainer Surveyor and Submitted Online in Soft Form on Quarterly Basis)

Report for the Quarter ending: _______________(MM/YYYY)

1. Name of Trainee       ...................................

2. Address                     ...................................

3. Communication

Phone Office

Phone Res.

Fax

Mobile

Email ID

Alternate Email ID







4. Name of Trainer Surveyor / Corporate Surveyor : .........................

Current License No: ...................................

Date of expiry: ......................................

5. Membership Details

Dept

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Level of Membership









6. Date of commencement of training :...................................

Department

Contents of training imparted (Upload in soft form and Attach supporting documents wherever possible)



Signature of Trainer

Date:

Place:

Form-IRDAI-16

Training Completion Certificate

[See Regulation 17(4)]

Important Instructions:

To Be Issued By Trainer for Each Trainee, After Completion of the Training

SLA No. ..........................       << Trainer Name>>              << Trainer Address>>

Date of Expiry: ......................

Trainer Qualification .......................

Membership ID No......................

Level of Membership ......................

List of department in which trainer is licensed .....................

This is to certify that Mr/Ms ................................. had undergone training with me in department/s < List of departments with check box> From < date> to < date> for a period of 12 months/6 months. During the process he/she learnt various aspects of < list of departments> for surveying and loss assessing.

During the period of training I found him/her hardworking, sincere, and understanding. In my opinion he/she is fully conversant with all the techniques of Survey and I wish him/her all the best in his/her all future career,

< Additional remark if any>

< Trainer Name & Signature>

Surveyor & Loss Assessor

SLA No.......... Date of Expiry......

Membership No.......... Level of Membership..........

Form-IRDAI-17 AF

[See Regulation 3(4)(a)]

Application Format for Grant of Modified License

Individual Surveyor

Important Instructions:

Any change in the information submitted to the Authority must be informed to the Authority within 15 days from date of the change, (attach copies of documents as proof)

Existing Details:

1. Name / Name of Firm/Company (wherever applicable)..........

Remarks ...................................

2. SLA NO............. Expiry date............. Membership ID No........... Level of Membership................

3. Present Address :

Address 1: ...........................

Address 2: ...........................

Address 3: ...........................

City/Town/Village : .........    District: ...............................    State: .......................

Country:..................    Pincode: ...............

4. Remarks:............................

Changes Being Requested for:

1. Change in Licensee Name

2. Incorporation of Sole Proprietary firm's Name :

Name of Firm : ...........................

Remarks:...................................

3. Grant of Additional Departments :

Depts

Fire

Marine cargo

Marine Hull

Engg

Motor

Misc

Crop Insurance

LOP

Select


4. Correction in the license already issued ( where there is a typrographical error in the license issued):

5. Change in level of Membership allotted by the Institute

From ......... To..........( Attach soft copy of Membership certificate issued by the Institute indicating such change/s and reasons thereof)

6. Change in Personal information :

Phone No.(Res) ...............Phone No. (Office): ............

Mobile No. ........................e-mail: ....................................

Alternate e-mail: ..............................    Remarks: ..................

Signature of the applicant

Place....

Date.....

Form-IRDAI-18 AF

[See Regulation 4(6)(2)]

Application Format for Grant of Modified License Corporate Surveyor

Important Instructions:

Any change in the information submitted to the authority must be informed to the authority within 15 days from date of the change, attach copies of documents as proof.

Select Modification Type

1. Name /Name of Firm/Company ...............................

Remarks ...................................

2. Corporate Surveyor License No............   Expiry date..........

3. Corporate/Registered Office Address :

Address 1: ...........................   Address 2: ..................   Address 3: ...........................

City/Town/Village : .........   District: ...............................   State:.......................

Country:..................   Pincode: ..................

Remarks:............................

4. Branch Office Address :

Address 1: ........................... Address 2: ..................... Address 3: ...........................

City/Town/Village : ......... District: ............................... State: .......................

Country:..................      Pincode: ..................   Remarks:...............

5. Change in Director/Partner Details :

    Add new Director/Partner

    Remove existing Director/ Partner

    Modify existing Director/ Partner

6. Change in employee :

    Add new employee/s

    Remove existing employee/s

    Change in Share holding pattern and Promoter(s)

7. Correction in the license already issued ( where there is a typrographical error in the license issued):

8. Change in the level of Membership allotted by the Institute to the director(s)/partner(s)

     From ......... To..........( Attach soft copy of Membership certificate issued by the Institute indicating such change/s and reasons thereof)

    Opening of branch offices/any other office by corporate surveyor

9. Change in Personal information :

Phone No.(Res) .....................      Phone No. (Office): ................      Mobile No. ........................

e-mail: ..............................      Alternate e-mail: ..................................

Remarks: ..................

Signature of the director/partner

Seal of the company

Date

Place:

Bare Acts Live

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