IRDAI issues clarification on Closure/Dissolution of Corporate Surveyors

Mar 12, 2018 | by Avantis RegTech Legal Research Team

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Insurance Regulatory and Development Authority of India vide circular dated March 06, 2018 has issued clarification on Closure/Dissolution of Corporate Surveyors. As per Regulation 4(6)(2) of IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 directors/partners of a corporate surveyor are required to submit material changes about the corporate entity to the Authority within 15 days of such change.

Regulation 13(b) specifies that it is one of the duties and responsibilities of a surveyor and loss assessor to bring to the notice of the Authority, any change in the information or particulars furnished at the time of issuance of license, that has a bearing on the license granted by the Authority, within a period of not exceeding fifteen days from the date of occurrence of such changes.

The Authority hereby advises all corporate surveyors to strictly comply with the regulatory stipulations in letter and spirit. Further, in respect of closure/dissolution of corporate entity, it is mandatory to surrender original license issued along with following:

1.       Application for surrender of corporate surveyor license duly signed by all directors/partners.

2.      Affidavit stating that no survey work is pending with the company/firm and that pending jobs shall be returned to the insurer or insured before applying for surrender of corporate license.

3.       Original corporate surveyor license issued by the Authority

4.      Certified copy of closure/dissolution of corporate surveyor

5.       Copies of Form-12 of corporate surveyors and respective directors/partners.

6.      Copy of licenses of directors/partner

Licensed surveyors who are directors and partners in corporate entities are hereby cautioned not to take up individual work without modifying /surrendering the corporate surveyor license as prescribed above and that such act shall be deemed as violation of code of conduct prescribed by the Authority invoking regulatory action under Regulation 23 and 24 of IRDAI Surveyors Regulations.




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