|
| Move to raise limit of in-house surveyors opposed |
| BS Reporter / Kolkata/ Bhubaneswar Nov 05, 2009, 00:48 IST |
|
The independent surveyors engaged in the settlement of insurance claims have taken exception to the proposed move of the Insurance Regulatory Development Authority of India (IRDA) to raise the survey limit of in-house surveyors from the existing Rs 20,000 to Rs 1 lakh.
Sources said IRDA is attempting to raise the limit through an amendment of Section 64-UM of the Insurance Act, 1938.
The Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), the representative body of the independent surveyors in the country feels that the move will work to the benefits of the in-house surveyors who are the employees of the insurance companies.
IIISLA feels that this is in turn would not give any scope for unbiased settlement of insurance claims of the policy holders as in the case of independent surveyors.
IIISLA today submitted a memorandum to UPA chairperson Sonia Gandhi, opposing cancellation of the proposed alteration in Section 64-UM of the Insurance Act, 1938 to safeguard the interests of the independent surveyors as well as the policy holders.
The body also held a meeting here today to oppose the proposed amendment in the Act.
“The in-house surveyors who are the employees of the insurance companies will be hardly as impartial and transparent as the independent surveyors as they will be more inclined to safeguard the interests of their employer companies. Increasing the in-house survey limit would mean greater interference of the in-house insurance surveyors which will create an adverse effect on the loss incurred by the policy holders”, said JP Singh, zonal council member (east zone) of IIISLA. According to the estimates of IIISLA, more than 60 per cent of the motor accident claims are below Rs one lakh which are handled by the independent surveyors.
If the in-house survey limit is raised to Rs one lakh, all these claims would go to the hands of the in-house surveyors, thereby depriving the majority of the independent surveyors of their jobs.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
Content Guide
