Irdai hikes loss amount for surveyor & assessor services

The cooling off period after suspension/ cancellation has been reduced from three years to one year

Only claims above Rs 50,000 for motor insurance and Rs 1 lakh for others would qualify for the services of insurance surveyors and loss assessors, according to a recent Irdai directive.

The Insurance Act, 1938, mandated the licensing of surveyors and loss assessors for settlement of losses above Rs 20,000 reported under a policy of general insurance.

However, in its Insurance Surveyors and Loss Assessors Regulations, 2015, the Insurance Regulatory and Development Authority of India (Irdai) said the licence of these entities will be valid only for three years. The cooling off period after suspension or cancellation has been reduced from three to one year. If there is an appeal, the insurance surveyors and loss assessors can move the Securities Appellate Tribunal against the decision of the authority.

Foreign investment allowed up to 49 per cent as per the Rules of Central Government will be applicable for insurance surveyors and loss assessors.