IRDA in its draft norms for
insurance surveyors has said that there will be a system of grading and
categorization of surveyors.
Irda has said that license seekers will have to undergo practical training for a period of six months under the supervision of surveyors and pass an examination conducted by an institution approved by the authority.
Similarly in the case of a license for a survey firm, the guidelines state that all the directors or partners of the firm seeking fresh corporate license should hold a license granted by the authority.
The Irda has also made it mandatory for surveyors to provide practical training to any aspiring applicant for at least six months.
Refusal to do so shall be deemed as misconduct unless the surveyor can convince the Irda that he has valid reasons to refuse.
Licensed surveyors will be provided with an identity card by the regulator which will specify the particular class or category of general insurance business for which the authority has granted the license.
The license will remain valid for five years. Existing survey license issued by Controller of Insurance before the commencement of the new regulations shall be deemed to have been issued in accordance with the new regulations.
The guidelines also provide for the creation of surveyor and Loss Assessor Committee constituted by Irda.
Irda will seek advise from the committee on the affairs of the Insurance Surveyors & Loss Assessors and for discharging the functions assigned to it under these regulations.
The committee will include representatives from Irda, Surveyors body, consumer bodies and chambers of commerce.
The guidelines have set out a detailed code of conduct for surveyors preventing them from canvassing for assignments. Surveyors are also expected to keep a record of the reports for the period specified.
- The Economic Times , June 23, 2000
Insurance Corporation International has appointed an agent for the United
Arab Emirates to tap the vast non-resident Indian market in the region. LIC
chairman G N Bajpai said life insurance business for the company in the Gulf
is growing at 60 per cent with 10,000 policy being written this year. The
LIC will market 10-15 products, which will be sold only to NRIs, he said.
Headquartered in Bahrain, LIC International,
a bid to strengthen India operations, beleaguered auto major Daewoo India
plans to start another venture as part of its foray into insurance by 2002.
Plans are also afoot to e-commerce enable its website to conduct
transactions online. Speaking to Economictimes.Com, Daewoo Motors India
managing director and CEO Young-Chang Kim said, "Daewoo Motors is
looking at providing one-stop solution to its customers." Kim said that
the new company will look after the company's interest in insurance, finance
and second hand car market. Incidentally, market leader Maruti is already
offering insurance, finance and has strong presence in the second hand car
market. Korean auto maker Hyundai Motors has recently entered the finance
non-life insurers, including four state-owned ones and the new private
sector firms have arrived on a consensus to continue the five per cent
discount directly to customers. In the first-ever business council meet of
non-life insurers, the insurance firms agreed to continue the system of
paying discount directly to clients. It was expected that the discount
system would be opposed by the PSU firm, as it would hike their cost of the
business. They already have a large number of development
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