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Surveyor and Loss Assessor: License Suspension, Cancellation

A licensed Insurance Surveyor and Loss Assessor can also be at a risk of license cancellation or revocation by the IRDAI (Insurance Development and Regulatory Authority of India).

So, if you want to know the causes of suspension or cancellation of the license and want to avoid such a situation, then you must read this article carefully. Also, we have discussed the procedure for license cancellation by the Authorities in case you want to stop the revocation alanya escort in the early stages bakırköy escort it ankara escorts inevitable. Read More: Nidhi Company Registration 

Suspension of Surveyor and Loss Assessor license

  • The IRDAI can suspend a license granted to an Insurance Surveyor and Loss Assessor, both individual and corporate, if:
  • The Surveyor fails to discharge the duties and responsibilities satisfactorily and professionally
  • The Surveyor violates the code of conduct specified in these Regulations
  • The Surveyor makes a statement that is false in material particulars with regard to the following:
    • Eligibility for obtaining license or renewal
    • Activities transacted by them
    • Matters connected with as a Surveyor and Loss Assessor
  • The Surveyor has contravened any of the provisions of the IRDA Act and its rules or regulations.
  • The Surveyor has been negligent in the discharge of his obligations
  • The Surveyor has been sentenced to imprisonment by any court of law. But it is provided that the Authority gives him a reasonable opportunity to be heard bakırköy escort the suspension.
  • The IRDAI can also suspend the license if its continuation is prejudicial to the interest of the policyholders. In this case, the opportunity for a personal hearing will not be provided.
  • The IRDAI can, in addition to the suspension of the individual license of the director/partner of a corporate surveyor, can also suspend the license of the corporate surveyor and loss assessor.
  • The license suspension can be for such a period as indicated in the order. Also, it will come into effect from the date of the order of suspension until revoked.
  • During the suspension period, the holder of such a suspended license must not carry out any survey and loss assessment work. These include the survey jobs on hand and the return of all such pending jobs to the insurer or the insured. Read More: alanya escort-in-detail/”>NBFC Registration

Surveyor and Loss Assessor License Cancellation

  • Suppose a Surveyor and Loss Assessor suffers from any of the disqualifications or has knowingly contravened any provisions of the IRDA Act. In that case, the Authority will cancel his license from the specified date.

Note: Before that, the Authority must give the person a reasonable opportunity of hearing bakırköy escort cancellation.

  • The Authority can cancel the license if the continuation of such license is prejudicial to the interests of policyholders.
  • A surveyor whose license has been canceled for any reason can submit an application for the issuance of a license. But he can do it after the expiry of one year from the date of such cancellation. Also, the authority will treat such an application as a fresh application for a new license. Accordingly, the applicant must satisfy all the requirements stated under the Regulations.

Procedure for suspension and cancellation

The authority must grant a licensed Surveyor and Loss Assessor an opportunity of hearing bakırköy escort suspending or cancelling the license.

  1. Upon receipt of the order of suspension, the suspended Surveyor and Loss Assessor may file a representation bakırköy escort the Authority for revocation of suspension. The Authority can designate an officer who can pass orders. as they deem fit, to communicate to the suspended Surveyor and Loss Assessor.
  2. Suppose, based on the order of the designated person, the Authority revokes the order of suspension and restores the license of the Surveyor and Loss Assessor. In that case, it must indicate the date from which such restoration will take effect.
  3. The Authority may cancel the license granted by it if the suspended Surveyor and Loss Assessor does not represent himself within 45 days from the date of order of suspension.
  4. The Authority must intimate any decision of suspension, cancellation, or revocation of the license to the concerned Surveyor in Insurance.

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