What is the role of insurance surveyor?

Answer 1

Who Can Join This ProfessionAs per Section 64UM (1) (D) of the Insurance Act, 1938, the eligibility criteria for joining this profession are as follows :-

(i) the applicant, where he is an individual, satisfies the Authority that he -

(a) Has been in practice as a surveyor or loss assessor on the date of commencement of the Insurance Regulatory and Development Authority Act, 1999.

(b) Holds a degree of a recognised University in any branch of engineering.

(c) Is a fellow or associate member of the Institute of Chartered Accountants of India or the Institute of cost and Works Accountants of India.

(d) Possesses actuarial qualifications or holds a degree or diploma of any recognized University or institute in relation to insurance.

(e) Holds a diploma in insurance granted or recognised by the Government.

(f) Possesses such other technical qualifications as may be specified by the regulations made by the authority.

(g) Does not suffer from any of the disqualifications mentioned in sub section (4) of Section 42.

(ii) Does not suffer from any of the disqualifications mentioned in sub section (4) of Section 42.

Section 42(4) provides some sorts of disqualifications for holding a license to act as a Surveyor and Loss Assessor

(4) The disqualifications above referred to shall be the following:

(a) That the person is a minor

(b) That he is found to be of unsound mind by a Court of competent jurisdiction

(c) That he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction

Provided that where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that his conviction shall cease to operate as a disqualification under this clause.

(d) That in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of all insurer it has then found that he has been guilty off or has knowingly participated in or connived at any fraud, dishonestly fir misrepresentation against an insurer or an insured.

(e) That in the case of an individual, he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf.

(ea) that in the case of a company or firm making an application under sub-section (1) or sub-section (3), a director or a partner or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive, by whatever name called, or one or more of his employees designated by him, do not possess the requisite qualifications and practical training and have not passed such an examination as required under clauses (e) and (f)

(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.

Answer 2

Insurance surveyors play a crucial role in assessing the risk associated with an insurance policy. They evaluate the subject matter to be insured, determine its value, and identify potential risks. Their reports help insurance companies determine appropriate coverage and premiums for the policyholder.