Section 4 in Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015
4. Application for grant of fresh Corporate Surveyor and Loss Assessor License and related matters.
(1)An applicant desiring to obtain a Corporate Surveyor and Loss Assessor license shall do so in Form- IRDAI-3-AF as given in the Schedule II to these Regulations.(2)Eligibility Criteria. - the directors/ partners of the company/ firm, shall conform mutatis-mutandis to the eligibility criteria set out in Regulation 3 of these Regulations.(3)In addition, the Authority shall satisfy itself that the application submitted is complete in all respects, satisfies all the applicable requirements of Section 64UM read with Section 42D of the Act.Provided that none of the directors or partners suffers from any of the disqualifications mentioned in Section 42D of the Act.(4)There shall be at least two directors/ partners in the company / firm at any point of time who are members of the Institute and are licensed to act as Surveyor and Loss Assessor. The department and level of membership of the director/ partner under their individual Surveyor and Loss Assessor license shall become the department and level of Membership of the Company/ firm. Any licensed Surveyor and Loss Assessor appointed as director/ partner of a company/ firm seeking application for grant of corporate surveyor license, shall undertake survey jobs and issue survey reports only in the capacity of director/ partner of the applicant company/ firm.(5)Documents to be enclosed.- (a) Application in Form-IRDAI-3-AF duly completed in all respects.(b)Copy of Membership certificate issued by the Institute to the directors/ partners, indicating Membership No, Date of Issue etc.(c)one recent photo of directors/ partners(d)Copy of Surveyor and Loss Assessor license of directors/ partners(e)Copy of certificate of incorporation issued by ROC in case of company(f)Copy of Partnership deed in case of a firm duly signed by all the partners(g)Copy of Memorandum and Articles of association of the company(h)Copy of Form no DIR-12 filed with ROC(i)Copy of Form no INC-22/23 filed with ROC(j)Copy of Form no 20B/Form SH7, as the case may be, filed with ROC(k)Copy of TAN(l)Proof of qualification of directors/partners(m)Copy of PAN No and Address Proof of directors/ partners(n)Affidavit as stated under sl no.2 of FORM-IRDAI-3-AF including whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of a license/ registration by the Authority.(o)Fit & Proper statement made by the directors/ partners(p)Self addressed envelope of 4.5"x10" with minimum of Rs.40 postage stamp(q)Demand draft, in case fee is paid by DD(r)Details of fee payment by RTGS/NEFT, if paid through RTGS/NEFT(s)Any other document/information that may be required by the Authority from time to time (Copies of documents at sl. no (d) to (m) shall be notarized)(6)Disclosures. - (1) Required to submit a declaration stating that prior to joining the applicant company/ firm, the individual Surveyors and Loss Assessor shall complete all survey jobs entrusted to them within the timelines provided under IRDA (Protection of Policyholder's Interest) Regulations, 2002 and that upon grant of Corporate Surveyor and Loss Assessor license, such individual Surveyor and Loss Assessors shall henceforth work only under the Corporate Surveyor and Loss Assessor license.(2)Required to submit a declaration stating that the directors/ partners shall submit information about resignation/ death/ suspension of director/ partner, change in share holding pattern and such other material changes to the Authority and apply in FORM-IRDAI-18-AF as given in the Schedule II to these Regulations within 15 days of such change for grant of modified license. The license issued by the Authority (in original) to the company/ firm shall be surrendered at the time of application for grant of modified license.(3)Require to submit details of those Surveyor and Loss Assessors who are employed in the registered office and branch office/s of the company/firm to conduct survey jobs on behalf of the company/ firm.(4)Such other additional requirements as may be specified by the Authority from time to time.(7)Payment of fees. - Shall pay fees as provided under Regulation 5, through online net banking/ RTGS/ NEFT/ Demand Draft in favour of IRDAI and furnish evidence of payment.(8)Application to conform to the requirements. - An application, not complete in all respects and not conforming to the instructions specified in the application form and these 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.(9)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.(10)The applicant shall, if so required, appear before the Authority for a personal representation in connection with their application.(11)Consideration of application. - The Authority while considering the application made under Regulation 4(1) for grant of license as a Corporate Surveyor and Loss Assessor, 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 license.(12)Without prejudice to the foregoing, the Authority shall take into account the following and satisfy itself that;(a)the applicant meets all the requirements of Section 64UM read with Section 42D of the Act and fulfils the eligibility criteria set out in Regulation 4(2), 4(3) and 4(4) of these Regulations;(b)none of the directors or partners suffers from any of the disqualifications mentioned in Section 42D of the Act;(c)the applicant has not been refused in the past one year the grant of a license/ registration by the Authority;(d)directors/ partners of the company/ firm are Fit and Proper based on the statement in Schedule- I Annexure 2 of these Regulations;(e)the main object of the company/firm shall be to carry out insurance survey and loss assessment;(f)the name of the company or firm shall include the words "Insurance Surveyor and Loss Assessors"(g)the aggregate holdings of equity shares held by a foreign investor including portfolio investors shall be disclosed at the time of making the application for grant of license, which shall be as prescribed by the Central Government from time to time;(h)the same promoter/ subscriber of the applicant does not have more than one Corporate Surveyor and Loss Assessor license. "Promoter/ Subscriber" shall be as defined in the "Companies Act, 2013".(i)whether any person, directly or indirectly connected with the applicant, has been refused in the past the grant of a license/ registration by the Authority.Explanation. - For the purposes of this sub-clause, the expression "directly or indirectly connected" means in the case of a firm or a company or a body corporate, an associate, a subsidiary, an interconnected undertaking or a group company of the applicant. It is hereby clarified that these terms shall have the same meanings as ascribed to them in the Companies Act, 2013 or the Competition Act, 2002, as the case may be.(13)Grant of license. - The Authority, on being satisfied that the applicant is eligible for grant of license, shall grant the same in FORM-IRDAI-4-LF as given in the Schedule-II to these Regulations, indicating the departments and membership level of the corporate surveyor and loss assessor.(14)Validity of License. - The license granted shall be valid for a period of three years.(15)Conditions of license. - (1) Upon grant of Corporate Surveyor and Loss Assessor license, the company/ firm can undertake survey jobs only in those department and level of membership displayed against each of the director/ partner in the Corporate Surveyor and Loss Assessor license issued by the Authority.(2)None of the directors or partners of a Corporate Surveyor and Loss Assessor shall be appointed as director or partner in another Corporate Surveyor and Loss Assessor company / firm.(3)Individual Surveyor and Loss Assessor who is working as an employee of a company/firm shall undertake survey jobs only of that company/ firm with whom he/she is employed with. The employee shall undertake survey jobs only in those departments and level of membership allotted to him/ her under his/ her individual license.(4)The company/ firm shall undertake reasonable number of survey jobs which are commensurate with their resources and the number of individual Surveyors and Loss Assessors they employ.(5)The Corporate Surveyor and Loss Assessor company/ firm shall maintain records including in electronic form in the format specified by the Authority which shall capture claim-wise and individual Surveyor and Loss Assessor-wise details wherein each claim surveyed by the company/ firm is tagged to the individual Surveyor and Loss Assessor in the company/ firm. The corporate surveyor company/ firm shall put in place systems which allow regular access to such records and details by the Authority.
