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New guidelines on appointment of surveyors for general insurance companies

IRDAI's new regulations on appointment of surveyors - claim amount should not exceed an amount specified by the regulator, unless the claim settlement report is obtained from a person who holds license to act as surveyor and loss assessor.

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Last Updated - May 16, 2023
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The insurance regulator has rolled out new guidelines on appointment of surveyors and assessors for assessing a loss in a general insurance policy. Recently a rule was passed by the Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated July 14th, 2015, stating that claim amount should not exceed an amount specified by the regulator, unless the claim settlement report is obtained from a person who holds license to act as surveyor and loss assessor.

The guidelines of appointment of surveyors state:

Surveyors and Loss Assessors shall be appointed either by insurers or insured to assess loss for policies having premium above Rs. 20,000
Insured or claimant needs to notify claim to the insurer in the stipulated time allowed by insurer. Upon claim notification, the insurer should immediately respond to the insured or claimant, about any further requirements. In case, if surveyor is required to be appointed to assess the claim, the insurers needs to appoint the person within 72 hours of the receipt of intimation from the insured or claimant.
Appointment of Surveyors and Loss Assessors, should not be outsourced by the insurers.

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