Licensing procedure for Surveyors and Loss Assessors

 

Committee on Banking, Insurance and Pension of ICAI, vide email dated 30-4-2016, has issued certain clarifications :

Since we have been receiving queries from members regarding various aspects of practice of Surveyors and Loss Assessors and seeking guidance of the Committee on how to move forward in this regard, we have analysed the queries and devised a few FAQs based on that for the benefit of members which are placed below:

1.         Whether members in practice are allowed to undergo the practical training being an integral part of licensing requirements for becoming Surveyor and Loss Assessor?

The Council of the Institute has permitted the members of the Institute to undergo training as trainees for obtaining license to act as Surveyor and Loss assessor.  However, the period spent by them for undergoing the training should not affect their main occupation for the purpose of training articled clerks.

2.         Whether members in practice are allowed to do work as insurance surveyor and loss assessor?

The Council of the Institute has given general permission to members in practice of ICAI to act as Surveyor and Loss Assessor under the Insurance Act, 1938.

3.         What are the licensing requirements for becoming an Insurance Surveyor and Loss Assessor?

As per the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015, the eligibility criteria for becoming Surveyor and Loss Assessors is as follows:

Qualifications: (i) Academic/technical/professional/Insurance Qualifications as prescribed in the Regulations- Chartered Accountants are eligible for Fire, Miscellaneous and LOP Departments. (ii) Membership of the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA)

Training: (i) Practical training for a period of not less than twelve months with a licensed Surveyor and Loss Assessor. (ii) Such other training which the IRDAI may specify from time to time.

Examination: Passing of relevant paper(s) of Surveyor and Loss Assessor Examination conducted by the Insurance Institute of India (III), Mumbai or any other Institute recognized by the IRDAI.

4.         What are the relevant papers of Surveyor and Loss Assessor Examination to be passed by members of ICAI?

Since members of the Institute are eligible for Fire, Miscellaneous and LOP Departments, hence a member who wishes to practice in all three Departments is required to pass atleast the following papers of Surveyor and Loss Assessor Examination:

(a)    S01 – Principles & Practice of General Insurance & Insurance Surveys

(b)   S02 – Fire Insurance

(c)    S07 – Miscellaneous Insurance

(d)   S08 – Loss of Profits

5.         What is the procedure for applying for license to act as an Insurance Surveyor and Loss Assessor?

Following is the suggested flow of activities for applying for license to act as a Surveyor and Loss Assessor.  Since the information is compiled by the Committee based on secondary sources, therefore members may get themselves acquainted by visiting the relevant websites of the IRDAI/IIISLA/III before going ahead:

Get yourself registered at the IRDAI’s Portal www.irdabap.org.in

Check relevant Surveyor Department and Qualifications for enrollment and training.

Select the Trainer (a licensed Surveyor and Loss Assessor) under whom you would like to do the practical training of 12 months.

Get the Acceptance Certificate from the trainer to commence the practical training.

Get yourself registered with Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) as Trainee Surveyor.

Simultaneously qualify the relevant papers of Surveyor and Loss Examination conducted by Insurance Institute of India.

Obtain training completion Certificate from the Trainer.

Apply for Surveyor’s License to IIISLA/IRDAI

Interested members may also like to visit the websites of the Insurance Regulatory and Development Authority of India www.irda.gov.in or www.irdabap.org.in, the Indian Institute of Insurance Surveyors and Loss Assessors www.iiisla.co.in and Insurance Institute of India www.insuranceinstituteofindia.com for further information in this regard.  The Secretariat of the Committee on Banking, Insurance and Pension of ICAI may be contacted via email cobip@icai.in or over phone at 011 – 30110566/564 for any query in this regard.

We hope the members will find the above information of use.

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