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IRDAI constitutes working group to review norms for insurance surveyors

Aug 14, 2018 12:41 IST
IRDAI constitutes working group to review norms for insurance surveyors
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The Insurance Regulatory and Development Authority of India (IRDAI) on August 13, 2018 constituted a working group to update the norms for insurance surveyors.

The working group, which will comprise 7 members, has been formed to address areas pertaining to licensing, renewal and IIISLA membership in the context of the existing regulatory framework for surveyors and loss assessors.

Objective

The working group has been constituted to revisit the existing IRDAI (insurance surveyors and loss assessors) regulations for improvement or amendment in order to ensure alignment and clarity of the regulatory framework in relevance with the dynamics of the Indian insurance sector.

Key Highlights

The group will be headed by Yegna Priya Bharat, Chief General Manager (Nonlife), IRDA.

It will be required to study the Memorandum of Association (MoA) and Articles of Association (AoA) of the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) and make recommendations to bring about alignment with the surveyor regulations.

It will also have to make a holistic analysis of the existing regulatory framework in view of the requirements of the industry.

As IIISLA is promoted by IRDAI, the working group will also address issues related to the membership of IIISLA.

The term of reference of the working group also requires it to make recommendations in order to bring in more clarity in the areas of ambiguity in the surveyor regulations.

The group will be required to submit its final report with recommendations within six weeks.

About IRDA

The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and reinsurance industries in India.

It was established through an act of the Parliament - the Insurance Regulatory and Development Authority Act, 1999.

The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

The regulatory authority comprises 10 members including the Chairman, five full-time and four part-time members appointed by the central government.

 

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