PROPOSED AMENDMENTS TO ISSUES PERTAINING TO OUTSOURCING OF SURVEY WORK – IRDA EXPOSURE DRAFT FOR INSURANCE SURVEYORS

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

(a) Outsourcing of survey work is prohibited, being a core activity as per Outsourcing Guidelines issued by IRDA and it has not to be resorted by any direct or indirect means either by the insurer or by the licensed surveyor and loss assessor himself.

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PROPOSED AMENDMENTS TO ISSUES PERTAINING TO CATEGORISATION – IRDA EXPOSURE DRAFT FOR INSURANCE SURVEYORS

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

The present system of A,B,C categorization will be replaced with standard system of: – Licentiate, Associate and Fellow as is done in other similar professional institutes. This three tier system of membership shall be based on number of years of tenure an SLA / Director / Partner has held his license continuously i.e., for a licentiate – upto 8 years, for Associate – 9-16 years, for Fellow Membership over 16 years.

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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.

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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.

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