Surveyor License
The world of insurance is complicated and filled with challenges. The demand for diverse insurance products has continued to rise and so the challenges to oversee them. Every year, hundreds of insurance companies confront significant losses due to illicit claims. According to one report, General insurance companies in India have borne a loss of a whopping Rs 26,364 crore on their health portfolios during 2016-2021.
As this pressing issue continues to rise, insurance companies have started to increase their reliance on professionals acting as surveyors. These professionals have a robust knowledge of insurance products and are quite proficient in assessing the loss of the insured product, be it a property or any other asset, helping companies ascertain the exact compensation they owe. To serve such a role, one has to secure the surveyor license. In this article, we will take a closer look at the legalities tied to this license, easing the blow for the applicant.
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Understanding the Role of Surveyor and Loss Assessor
A surveyor and loss assessor is an IRDAI-certified professional appointed to assess and quantify losses borne by the insured or non-insured product. Their evaluation serves as concrete evidence of the property’s value estimation, helping insurers discover how much compensation is owed. The apex organization viz. The Insurance Regulatory and Development Authority of India (IRDAI) grants surveyor licenses in India.
Responsibilities of a Surveyor
Surveyors provide a wide range of services that help insurance companies overcome ambiguities and miscalculations, which often lead to significant losses. In a nutshell, a surveyor performs the following endevours:
| Service Provided | Description |
| Investigating and Assessing Losses | Surveyors investigate various types of losses, from fire incidents to theft, determining the extent and validity of each loss. |
| Estimating and Measuring Loss | They quantify the extent of damage and provide estimates for necessary repairs or replacements. |
| Conducting Inspections | Surveyors perform on-site inspections to evaluate safety and security measures and to examine the assets or properties affected by losses. |
| Providing Advice on Risk Management | They offer guidance to both insurers and policyholders on strategies for minimizing losses and managing risks effectively. |
The Regulatory Framework for Obtaining a Surveyor License
In India, Section 64UM of the Insurance Act, of 1938 in association with IRDAI’s Surveyors & Loss Assessors Regulations, 2015, pen down the role of surveyors. These legislations entail the norms required to become a certified surveyor and loss assessor. With a Surveyor License, a professional can approach any insurance company or vice versa to provide the aforementioned services.
Steps to Register as a Surveyor
1. Enrollment
- Head to the IRDAI’s BAP portal to create an account.
- Submit an enrollment application attached with mandatory dossiers. Please double-check check paperwork for accuracy before uploading.
2. Examination
- Upon receiving the authority’s approval, you will be tagged as qualified to appear in the surveyor examination.
- You can then register for the exam conducted by the Insurance Institute of India.
3. Training
- Upon clearing the examination, you will undergo mandatory training for a stipulated timeline. The training will either be organized by a surveyor or an institution depending on what you have chosen during enrollment.
4. Applying for the Surveyor License
- Once the training is completed, it is time to apply for a fresh Surveyor License through the BAP portal.
Renewing Your Surveyor License
The surveyor License stays valid for three years. Its renewal is mandatory 90 days before the expiration if you wish to excel further. The steps below will help you with the renewal.
- Login to the BAP Portal and access your profile on www.irdabap.org.in.
- Find form 12 and fill it out aptly. It serves as evidence of the work you have done over the past years. This form should be submitted to IRDAI.
- Fill out form 5AF to initiate the renewal process.
- Upload mandatory documents such as photographs, valid ID proof, IIISLA membership certificate, etc in a prescribed format.
- Submit the renewal fee as advised. Please note that a fine will be imposed in case of late renewal.
Making Modifications to an Existing Surveyor Licence
From changing the address to altering the designation, there could be plenty of reasons why you need to alter your Surveyor Licence. Fortunately, you can do that with ease on the BAP portal. Keep the following things in mind when applying for modification:
- Adding Departments: Submit documents like examination certificates and training completion records.
- Updating Address: Provide legitimate address proof and surrender the original license to IRDAI’s main office.
- Correcting Name: Submit government-based ID and the original license for corrections.
Obtaining and Renewing a Corporate Surveyor Licence
Surveyor licenses are also available for corporations, such as entities registered under the Companies Act of 2013 or the Limited Liability Partnership Act of 2008. Here’s how to obtain or renew a Corporate Surveyor Licence.
Obtaining a Corporate Surveyor Licence
- Visit the BAP portal, create the user ID, and update your profile.
- Fill out form 3AF and submit it alongside mandatory dossiers. Make sure at least two licensed surveyors are listed as partners or directors in the company or LLP.
- Lastly, pay the application fee. The license shall remain valid for three years.
Renewing a Corporate Surveyor Licence
The timely renewal of the Corporate Surveyor Licence is paramount to ensure continuity. The renewal is not available to partnership firms registered after 2020. Before applying for renewal, keep the following things in mind:
- Form-IRDAI-6-AF is used for renewing the Corporate Surveyor Licence.
- The application must be submitted alongside mandatory paperwork at least a month before the expiration.
- The renewal fee has been capped at Rs 5000 if the application form is filed before the expiration. The fine shall be imposed on those applying late.
Conclusion
Whether you’re an individual looking to begin a career as a surveyor or a company wanting to establish itself in the field, obtaining a Surveyor Licence is a critical step. This licence ensures that surveyors operate with professionalism, accuracy, and transparency, bringing value to both insurers and policyholders alike. From initial registration to renewal, following the regulations set by IRDAI is essential for maintaining a reputable practice in insurance surveying.
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