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Report No. 190 Insurance Surveyors 9.1.3 Section 64UM of the Insurance Act, 1938 provides for licencing of surveyors and loss assessors. The Consultation Paper had proposed as under: "The provision requires to be amended to expressly empower the Authority to issue licence on the same grounds of qualifications and disqualifications as specified in section 42 (1) & (2) for insurance agents. The ground found in Regulation 8 (4) for cancellation of licence of a surveyor who fails to discharge duties and responsibilities in a satisfactory and professional manner or violates the code of conduct prescribed by the Regulations requires to be incorporated in Section 64 UM (1) (G). A provision for suspension of licence, as provided in Regulation 8 (4) should be incorporated in the Act". 9.1.4 Section 64UM (1A) of the Act requires every surveyor and loss assessor to comply with the code of conduct and other professional requirements as may be specified by regulations made by the IRDA. Consequent to this provision, the IRDA has framed regulations prescribing minimum qualifications for licencing of surveyors and loss assessors. The Consultation Paper had proposed that there be in expression provision in regard to the functions to be performed by surveyors and loss assessors strictly in accordance with the code of conduct laid down in the regulations of the IRDA. The power to settle claims be exercised by an Adjudicating Officer to be appointed by the IRDA. It was further proposed that appointment and payment to surveyors/loss assessors should be on rotation and controlled by IRDA. Finally, it was proposed that the requirement of a written test for issuing licence to any person to act as a surveyor be done away with because the new trainees are well-qualified technical graduates.    |
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