Draft IRDAI (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2019

Nov 12, 2019 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on October 10, 2019, proposes a draft IRDAI (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2019 to further amend the existing IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015.

The draft Regulations proposes the following indicative areas:-

1. Rationalising the documental requirements for licensing and renewal through optimum online processing;

2. Revise the application forms, formats in line with the proposed changes;

3. Revise the fees;

4. Enhancing loss limits for appointment of surveyors viz. Motor insurance on above Rs. 75,000/- and other than motor insurance is above Rs. 1,50,000/-;

5. Modify the duties and responsibilities of surveyors;

6. Define the Code of Conduct for in-house surveyors;

7. Expand the obligations of insurers in utilization of surveyors and monitoring their performance and introduce transitory provisions

IRDAI invites comments from all the stakeholders on or before November 21, 2019. The comments, if any, may be sent to the e-mail ids: [email protected] or [email protected]



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