IRDAI Proposes Reforms to Surveyor and Loss Assessor Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed amendments to the IRDAI (Insurance Surveyor and Loss Assessors) Regulations, 2015. The proposed changes are intended to align the regulatory framework governing Surveyors and Loss Assessors (SLAs) with the amended provisions of the Insurance Act, 1938 and to facilitate a more efficient, transparent and streamlined registration process.

1. Alignment with Revised Provisions of the Insurance Act, 1938

The proposed amendments seek to harmonise the existing licensing and registration framework for Surveyors and Loss Assessors with the revised provisions of the Insurance Act, 1938.

The alignment is intended to ensure regulatory consistency and remove ambiguities arising from changes made to the parent legislation.

2. Changes Relating to Grant of New Registration

IRDAI has proposed revisions to the framework governing the grant of new registrations to Surveyors and Loss Assessors.

The changes are aimed at simplifying the registration process and creating a more transparent mechanism for entry into the profession.

3. Revised Framework for Annual Fee Payment

The proposal also includes amendments relating to the payment of annual fees by registered Surveyors and Loss Assessors.

The revised framework seeks to improve administrative efficiency and facilitate easier compliance with regulatory requirements.

4. Omission of Redundant Forms

As part of the rationalisation exercise, IRDAI has proposed the omission of obsolete and redundant forms that are no longer required under the revised regulatory framework.

The move is expected to reduce procedural complexity and streamline regulatory filings.

5. Objective of the Proposed Amendments

The proposed amendments seek to:

• Align the regulations with the Insurance Act, 1938;
• Promote a seamless and transparent registration process;
• Improve regulatory efficiency and ease of compliance;
• Simplify administrative procedures; and
• Remove outdated documentation requirements.

6. Expected Impact

The proposed changes are expected to modernise the regulatory framework applicable to Surveyors and Loss Assessors by simplifying registration and compliance processes while ensuring consistency with the governing provisions of the Insurance Act, 1938.

7. Key Takeaway

IRDAI has proposed amendments to the Insurance Surveyor and Loss Assessors Regulations, 2015 to align the licensing and registration framework with the revised provisions of the Insurance Act, 1938. The proposals cover the grant of new registrations, annual fee payment mechanisms and removal of redundant forms, with the objective of creating a more transparent and efficient regulatory regime.

Click Here To Read The Full Update