IRDA issues Exposure Draft on issues pertaining to Insurance surveyors and loss assessors (IIISLA)

The objectives of the Exposure Draft is to

To revamp the Indian Institute of Surveyors and Loss Assessors (IIISLA) to make it more vibrant, responsible and professional in line with the intentions and objectives for which it was incorporated u/s 25 of the Companies Act vide registration number 47675 of 2005-06 at Hyderabad, Andhra Pradesh.

 

Ensure that contractual relationship of SLAs with insurer and the insured is governed professionally and that fiduciary obligations casted upon them are performed in the interest of the insurance consumers and development of consumer confidence in the Insurance market.

The IIISLA held its first meeting of the elected council on 15th  December’2007. After a period of three years of the functioning of IIISLA, it has become necessary to review its functioning and take further steps to strengthen and re-organize the Institute and make norms for its governance.

Before the Institute is considered for a statutory status as recommended initially by various committees, its functioning will be supervised by the Authority for a further minimum period of two  years  with  effect  from  the  revised  notification  on  the  Amendments  to  the  Regulations pertaining to SLAs and the  changes necessary be brought into the Memorandum and AOA of IIISLA.

Detailed report can be viewed at in the following link