PROPOSED AMENDMENTS TO ISSUES PERTAINING TO MEMBERSHIP OF IIISLA – IRDA EXPOSURE DRAFT FOR INSURANCE SURVEYORS

Actions proposed to be taken by IRDA in the Exposure Draft for Insurance Surveyors

Membership of IIISLA must be made compulsory for all surveyors who wish to obtain a license to act as surveyor and loss assessor. Appropriate and consequential amendments into the IRDA regulations / Memorandum and AOA of IIISLA will be carried out. This will enable the institute to function more effectively and help in achieving objectives for which it has been setup.

 

Membership shall be restricted only to individuals as was recommended by Shri.K.N.Bhandari Committee and as is presently provided in IIISLA’s MOA and AOA. SLAs may form a company or a firm as is provided under the Act but every Director / Partner must hold license in his name and be an individual member of the institute.

All the licensed surveyors (SLAs – including directors or partners of survey companies and firms passing one or more of the required qualifications specified in the regulations and Section 64 UM of the Insurance Act) would be deemed Members of the Institute with effect from the date of notification made by the Authority and they will have option to pay membership fee prescribed herein below at the earliest but not later than one month before the date of renewal of their SLA license.

Duties and responsibilities of each of the members of the institute shall be such as are specified by the Institute in its ; MoA & Memorandum of Understanding,  code of ethics, contractual and fiduciary obligations. These obligations shall be in addition to their obligations specified in the IRDA regulations and provisions of Insurance Act.

Every person who has/ or would enrol himself for practical training (not exceeding 12 months) in terms of IRDA’s (Surveyors and Loss Assessors) Regulation 3 (2) (d) read with regulation 16 must also  be  made  a  compulsory student  member  of  the  institute  as  a  condition precedent  to  his enrolment with an SLA.

The institute is advised to devise the system, form and manner to implement this proposal and also make appropriate amendments to its MOA & AOA. This would enable students to receive proper guidance, education and training to require necessary skills to perform their duties and responsibilities within the Code of Conduct prescribed in the regulations and the code of Ethics specified by the institute when they finally hold the license granted by the Authority.

Institute, while finalising its approach/ guidelines for student membership, shall follow the principles (to be modified to the requirements of SLA profession) specified in the regulations applicable to the institute of Company Secretaries and Chartered Accountants.

The Membership fees shall be : (a) one time entry fees of Rs.2500/- (b) Annual fee Rs.1000/- for Licentiate, Rs.1500/- for Associate and Rs.2000/- for Fellow Membership. c) The Annual fee for Student Membership is proposed to be 750/-