How to become insurance surveyor CMA U C

How to become insurance surveyor CMA U. C. Nahar 02 nd February, 2019

Insurance Surveyor

HISTORY • In India Insurance has a deep-rooted history. It was noted mention in Manu (Manusmurthi ) Dharmasastra & kautily (Arthsastra ) pooling of resources for re-distribution in time of calamities Such as Fire, Floods, Epidemics & famine etc. Modern insurance started in the year 1686 by llyod’s London UK started for marine insurance. • General Insurance business in India dates back as old as 1850 • On 01. 1973 -107, General insurers were nationalised to bring to 4 Companies having their Head Offices at • • Delhi, Calcutta, • • Madras, Mumbai

HISTORY • General insurance company was the parent company of 4 Subsidiaries. • In December 2000, all the 4 nationalized companies were allowed to work -independently in competition with private sector insurance companies. • In the year 2000 IRDA (Insurance Regulatory & Development Authority of India) was constituted to regulate the insurance business in India in Private & Public Sector companies.

Insurance Sectors The are Three Main Sectors of insurance in India: 1. Life Insurance 2. General Insurance (Non-Life Insurances) 3. Re-insurance

Types of General Insurance • Motor Insurance (As per the Motor Vehicles Act, 1988) 1. 2. Third Party Liability Insurance Comprehensive Insurance • Health Insurance • Travel Insurance • Home Insurance

Types of General Insurance • Marine Insurance 1. 2. 3. 4. Cargo insurance Hull insurance Freight insurance Liability insurance, etc. • Commercial Insurance • Industrial Insurance • Rural Insurance

LUCRATIVE FIELD for COST ACCOUNTANTS • Different field • Analytical Field • Special for property, burglary, indemnity etc. • Special Investigations Accountants having no engineering background are generally provided with the Insurances branches of FIRE, MARINE (Cargo), Misc. Insurance, LOSS OF PROFIT, etc.

Who is Surveyor and Loss Assessor ? A surveyor and loss assessor is an insurance intermediary licensed by IRDAI to investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency, on behalf of insurer or insured and report thereon and carry out the work with competence, objectivity and professional integrity by strictly adhering to the code of conduct stipulated under the Law / Regulations. Insurance surveyor is holding position like a single JUDGE and his decision is valid in eye of law till some untoward is proved in his decision

General services provided by surveyor • Investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency. • Estimate, measure and determine the quantum and description of the subject under loss • Conduct inspection and re-inspection of the property in question suffering a loss • Conduct spot and final surveys, as and when necessary and comment upon franchise, excess/under insurance and any other related matter • Advise insurer and insured about loss minimization, loss control, security and safety measures

Steps of becoming a Surveyor Registering on the BPA Portal Selecting the trainer Trainer acceptance certificate Form III- Trainee Surveyor Allotment Appearing for the exam conducted by Insurance Institute of India Training completion certificate Applying for new license

Surveyor Procedure • Licencing (www. irdai. gov. in) • Required to • • empanel with the underwriters (Insurers) who empanel for the respective branches/departments of survey • Required to attend the loss • • as early as possible but not later than 48 hours of instruction in normal circumstances

Training Duration of training • For applicant of fresh registration 12 months training is mandatory. • For already existing/licensed surveyors, seeking additional departments, the training period is of 6 months. Department of training • Fire insurance • Marin cargo insurance • Marin hull insurance • Engineering insurance • Motors insurance • Miscellaneous insurance • LOP insurance

Selecting the Trainer After registration, to undergo the training process you need to select the trainer and the department in which you want to undergo training.

Trainer Acceptance Certificate If the trainer selected by you accepts the training request, then, you will receive an email notification from IRDA informing you of the same. If the trainer rejects your training request, you need to select another trainer for your training.

Form 13 - Trainee Surveyor Enrollment Once your training request is accepted, you need to fill this form for training course enrollment. Trainee needs to complete 12 months training in order to apply for the license

Appearing for the exam conducted by Insurance Institute of India (III) After the trainer submits your third quarterly report, Insurance Institute of India (III) schedules an examination slot for you and you then need to appear for the exam.

Training Completion Certificate After you successfully complete your training, you will receive the Training Completion Certificate from the trainer.

Applying for a Fresh License Once you receive the license, you can start operating as a licensed Surveyor after getting membership of IIISLA (Indian Institute of Surveyors and Loss Assessors) , Hyderabad.

How can I get registered as a Surveyor and Loss Assessor Application for License Consideration of Application Furnishing of information, clarification and personal representation Application to conform to the requirements Fee Structure

Application for License Any applicant (Individual or Corporate) intending to get Licensed as a Surveyor and Loss Assessor, needs to first register itself on the IRDAI BAP portal.

Consideration of Application The Authority shall, before granting licence, take into consideration all matters relating to the duties, responsibilities and functions of surveyor and loss assessor and satisfy itself that the applicant is a fit and proper person to be granted a licence.

Consideration of Application Some considerations are as follows: - 1. Satisfies all the applicable requirements of section 64 UM read with section 42 D of the Act and rule 56 A of the Insurance Rules, 1939; 2. Possesses such technical qualifications as may be specified by the Authority from time to time; 3. Has furnished evidence of payment of fees for grant of license, depending upon the categorization; has undergone a period of practical training, not exceeding 12 months, as contained in Chapter VII of these regulations; and 4. Has undergone a period of practical training, not exceeding 12 months, as contained in Chapter VII of these regulations; and 5. Furnishes such additional information as may be required by the Authority from time to time.

Furnishing of information, clarification and personal representation • The authority may require an applicant to furnish any further information or clarification for the purpose of disposal of the application, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority. • The applicant or its principal officer shall, if so required, appear before the Authority for a personal representation in connection with an application.

Application to conform to the requirements An application, not complete in all respects and not conforming to the instructions specified in the regulations, shall be rejected : Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to complete the application in all respects and rectify the errors, if any.

Fee Structure Particulars Fees Fresh License (individual/corporate) Rs. 1000/- Renewal license (individual/corporate) Rs. 100/- Renewal license (individual/corporate) With late fee Rs. 850/- (Rs. 100/- + Rs. 750/-) Duplicate License Rs. 5/-

SURVEYOR PROCEDURE • After getting the licence from IRDA, it is required to empanel with the underwriters (Insurers). Who empanel for the respective branches/departments of survey. • Generally, offices of the underwriters allot the work with Surveyor is required to attend the loss as early as possible but not later than 48 hours of instruction in normal circumstances.

Functions performed by surveyor for survey 1. 2. To meet the person concerned, 3. 4. 5. To note the damages. 6. Cotton claims or loss to perishable items are to be settled on the spot even overnight in the interest of insured, insurer & for the claim. Visit the site of loss, take photographs & videography of the loss. To noted the saved items. Getting particulars of occurrence from the insured in writing with cause of loss & estimate of loss.

Functions performed by surveyor for survey 7. Give the requirement to be complied with by the insured according to the nature of loss. 8. Coverage of the risk & items to be verified. 9. Location in the Policy is to be verified on the spot itself. 10. Sum insured to verify whether adequate or not 11. Whether any other insurance is there at the time of loss for contribution of loss by other underwriters. 12. Insurable interest to verify

Functions performed by surveyor for survey 13. Breach of warranties to verify. 14. Salvage disposal 15. Loss minimization measures to suggest to the insured.

Evidences during course of Survey Fire at Paper Mill

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