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Surveyor and Loss Assessor Registration in India

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1. Who is a 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.

Explanation

A Surveyor and Loss Assessor (SLA) is a licensed professional appointed under the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. Their main role is to examine and evaluate losses or damages that occur to insured property or goods, determine the cause and extent of the loss, and prepare a factual and unbiased report for the insurance company or the insured. They act as independent experts, ensuring that insurance claims are settled fairly and accurately. A Surveyor must always work with honesty, competence, and professional integrity, and follow the Code of Conduct prescribed by IRDAI.
E.g. Suppose a textile factory catches fire, damaging machinery and raw materials. The insurance company appoints a Surveyor and Loss Assessor to inspect the site. The Surveyor visits the factory, takes photographs, reviews purchase invoices, checks the policy coverage, and calculates the actual loss value. After completing the assessment, the Surveyor submits a detailed report to the insurer with the estimated loss amount and cause of damage.

2. What types of services are provided by a Surveyor and Loss Assessor?

The following services are generally rendered by a Surveyor and Loss Assessor

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

3.Who is Eligible for Insurance Surveyors and Loss Assessors Registration ?

As per Regulation 3(2) of the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015, a Company or LLP Firm intending to act as a Surveyor and Loss Assessor must meet the following eligibility criteria

Eligibility Criteria

i. Qualifications:

  1. The applicant must possess academic, technical, professional, or insurance qualifications as specified in Schedule-I, Annexure-1 of these Regulations.
  2. The applicant must also hold any other qualification as may be prescribed by the Authority (IRDAI) from time to time.
  3. The applicant shall be a Member of the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA).
In addition, the applicant must undergo training, pass the examination conducted by the Institute, and be found fit and proper by the Authority before a licence to act as a Surveyor and Loss Assessor is granted

4. What is the application fee payable for obtaining registration as a Surveyor and Loss Assessor?

As per Regulation 5 of the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015, read with the IRDAI (Amendment) Regulations, 2020, the application (processing) fee for obtaining registration as a Surveyor and Loss Assessor is as follows:

  1. For Individual Surveyor and Loss Assessor:- ₹1,000 (Rupees One Thousand only) – non-refundable processing fee.
  2. b. For Corporate Surveyor and Loss Assessor (Company/Firm):- ₹5,000 (Rupees Five Thousand only) – non-refundable processing fee.

5. What is the validity period of the registration granted to a Surveyor and Loss Assessor?

The Certificate of Registration issued by the Insurance Regulatory and Development Authority of India (IRDAI) to a Surveyor and Loss Assessor is valid for a period of three (3) years from the date of issue, unless it is revoked, suspended, or cancelled earlier by the Authority

6. Is a partnership firm registered under the Partnership Act, 1932 eligible to obtain registration as a Surveyor and Loss Assessor?

With effect from 26th November, 2020, Partnership Firms constituted under the Indian Partnership Act 1932 are not eligible to obtain fresh Corporate Surveyor and Loss Assessor License. However, existing Partnership Firms (constituted under the Indian Partnership Act 1932) licensed to act as Corporate Surveyor shall continue to act as Corporate Surveyor and therefore can apply for renewal of their license.

7. What are the requirements that a Company or LLP firm must ensure while applying for the grant of a fresh licence as a Surveyor and Loss Assessor?

The Company/LLP Firm applying for grant of fresh license, Inter alia, must ensure the following

  1. There shall be at least two individuals licensed as Surveyors and Loss Assessors who are Directors/Partners of the Company/LLP Firm which is applying for grant of fresh license. (An individual licensed as Surveyor and Loss Assessor cannot act/function as a Director/Partner of more than one Corporate Surveyor)
  2. The applicant Company/LLP Firm must have been incorporated for the purpose of working as a Surveyor and Loss Assessor and therefore the name of the company/LLP Firm must be suffixed by ‘Surveyor and Loss Assessor
  3. The main object of the company/firm shall be ‘to carry out survey, loss assessments and related jobs’ within India as the jurisdiction of The Insurance Act, 1938 is India.
  4. An LLP Firm or company including group companies can apply for ONLY ONE license to work as Corporate Surveyor and Loss Assessor.

Complete Guide to Surveyor and Loss Assessor Registration

A surveyor and loss assessor plays a critical role in the insurance industry by evaluating damages and verifying insurance claims, and to operate legally in India, obtaining an insurance surveyors license or loss assessors license from IRDAI is mandatory. The process of insurance surveyors and loss assessors registration online enables eligible professionals to apply digitally with proper documentation, ensuring transparency and regulatory compliance. With expert guidance, insurance surveyors and loss assessors registration can be completed smoothly while meeting all IRDAI requirements and professional standards.

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How can we help you?

AB & Associates provides comprehensive assistance in obtaining Surveyor and Loss Assessor registration from IRDAI. Our services include eligibility assessment, document preparation, and online application filing as per the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. We liaise with IRDAI for clarifications, ensure compliance with qualification and membership norms, and support renewal or modification of licences. Our expert guidance ensures a smooth, compliant, and time-bound registration process for both individuals and corporate applicants.

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