IRDAI exempts the classes of claims from the operation of the licensing of surveyors and loss assessors

Nov 20, 2019 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on November 11, 2019, hereby exempts the classes of claims from the operation of the Section 64UM of the Insurance Act, 1938 related to “Licensing of surveyors and loss assessors”.

The followings are the class of claims exempted:-

1. Claims under policies in respect of which documentary evidence of the value of loss is available in the form of Police Reports, short-landing or non-delivery certificates issued by Port Trusts, Railways or other public or semi-Government authorities, claims in respect of which excise authorities give a certificate for dutiable items and sling loss claims certified by Harbour Authorities.

2. Claims of General Average under marine policies;

3. Claims of total loss or constructive total loss under agreed value insurance policies or valued policies

4. Claims under policies of motor vehicle insurance wherein the claim is on account of theft or injury or death to third parties;

5. Claims under Health Insurance Policies including travel and personal accident covers;

6. Claims under Workmen’s Compensation or Benefit policies under the Employees Compensation (Amendment) Act, 2009;

7. Claims under public liability policies, including third party liability, Professional indemnity, products liability and personal liability except where liability arising out of property damage or defect to physical property or goods are involved;

8. Claims under Aviation Hull insurance policies and Cyber insurance policies;

9. Claims under Money insurance including cash in transit policies;

10. Claims under All risks and Burglary insurance policies on personal effects and jewelry;

11. Claims under Race Horses insurance policies and Live-stock insurance policies;

12. Claims in respect of loss or damage to crop, trees, plantations and forests which are covered by Government sponsored Schemes;

13. Claims in respect of loss or damage to tea in transit from gardens in India;

14. Claims under policies of the nature of Bonds and Guarantees including fidelity guarantees, Bankers’ Blanket policies, credit insurance, and under policies insuring contractual liability;

15. Claims in respect of which the amount of claim is determined by recognized and well-established conventions or under agreements;

16. Claims, the amount of which has been adjudicated upon or decreed by courts.

[IRDAI/SUR/ORD/MISC/197/11/2019]


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