As per a recent Insurance Regulatory and Development Authority of India (IRDAI) directive, there has been a hike in the claim amount required to avail Insurance Surveyor and Assessor Services. As per Insurance Act 1938, Surveyors and Loss Assessor services needed to be availed for settlement of losses covered under a general insurance policy.
This qualification criterion has been hiked by IRDAI in its Insurance Surveyors and Loss Assessors Regulations, 2015. The original criteria, which stood at ` 20000 has been increased to losses amounting to ` 50000 in case of motor insurance and `1 lakh for other policies.
IRDAI also stated that a license for Surveyor and Assessor Services will be valid for just three years. Whereas, the existing three years cooling off duration in case of suspension or cancellation has been reduced to one year. In case of an appeal, the Insurance Surveyors and Loss Assessors have the option to move the Securities Appellate Tribunal against the authority's decision.
Earlier, the Central Government had increased the foreign investment cap in the insurance sector to 49%. This cap is also applicable to companies engaged in providing Insurance Surveyor and Loss Assessor Services.