Irda constitutes working group to review surveyor norms

Insurance regulator Irda today constituted a working group to update the norms for insurance surveyors.

The 7-member working group has been formed to address areas pertaining to licensing, renewal and IIISLA Membership in the context of the existing regulatory framework for Surveyors and Loss Assessors.

These issues were raised at a seminar organised by Insurance Regulatory Authority of India.

The working group has been constituted to revisit "the existing IRDAI (Insurance Surveyors and Loss Assessors) Regulations...for improvement or amendment in order to ensure alignment and clarity of the regulatory framework in relevance with the dynamics of the profession of Surveying and Loss Assessment vis--vis the Indian insurance sector," Irda said in an order.

The group will be headed by Yegna Priya Bharat, Chief General Manager (Nonlife), Irda.

It has been asked to make holistic analysis of the existing regulatory framework in view of the requirements of the industry.

The group will study the Memorandum of Association (MoA) and Articles of Association (AoA) of the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) and make recommendations to bring about alignment with the Surveyor Regulations.

IIISLA was promoted by Irda.

The working group will also address issues related to the membership of IIISLA.

As per the term of reference of the working group, it has also been asked to make recommendations in order to bring in more clarity vis--vis the areas of ambiguity in the surveyor regulations.

The working group has been asked to submit its report with recommendations within six weeks.