CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities
A company secretary, Rahul Nair, wishes to start as a surveyor and loss assessor for general insurance claims. Which statement correctly describes the position under the IRDAI framework?
He must hold an IRDAI licence and follow the surveyor and loss assessor regulations, including the code of conduct. There is no exemption for small assignments, no substitute through an insurer's registration, and no restriction of licensing to marine claims.
- AHe must hold a licence from IRDAI and carry out assessments in line with the surveyor regulations, including the code of conductCorrect
- BHe may begin without a licence if every assignment is under Rs 10 lakh
- CHe only needs to register with the insurer that gives him the first assignment
- DHe needs a licence only if he assesses marine claims
Explanation
Surveyors and loss assessors are licensed by IRDAI and bound by its regulations and code of conduct. No value threshold exempts an assignment from licensing, and an insurer's registration cannot substitute for the IRDAI licence. The licence is not limited to marine claims.
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