Insurance surveyor and loss assessor license is an important document within the insurance domain. Instrumental in establishing an insurance surveyor and loss assessor – an entity that verifies the insurance claims – this business permit is for those companies who have intrinsic knowledge about the insurance policies. To acquire this business certification, the applicant must file an application to the IRDA with the required documents.
When the time comes to claim the insurance policies, the insurance companies can’t just readily indemnify them. They have to verify those claims, and for that purpose, they need the assistance of a surveyor and loss assessor.
Think of these entities as the pillars of the insurance sector.
They are unbiased, focus on ensuring that all insurance claims meet the legitimate requirements, and save the companies from false claimants.
How to become an insurance surveyor?
The process is quite simple. You only need to fill out the online application form and upload the proper documents. And like always, it is not only the correctness of the application but also the preciseness of the documents that decide whether or not you will obtain the license.
Let us now discuss the different documents that you need to obtain the certificate of registration to become a Surveyor In Insurance sector.
Documents you need to get the certificate to act as a verifier of insurance claims
You must submit the following documents to the Insurance Regulatory Development Authority of India along with a complete application form.
- Insurance Membership Certificate: One of the primary requirements that an applicant has to fulfill being part of the insurance institute. Therefore, a copy of the membership certificate issued by the IRDA is a critical document for the process.
- Passport-sized photo of the applicant: There should be a face behind the insurance surveyor and loss assessor body. Thus, provide a clean copy of your photograph.
- PAN card: You can’t run any business in India without having proof that you have the potential to become a “tax paying citizen”. Thus, another document you need is the PAN card.
- Address proof of the registered office: Provide a copy of the address proof of the office that acts as the base of operations for the business.
- Quarterly reports: All entities applying for any license to the IRDA have to meet the financial criteria. Therefore, along with a certified net-worth certificate, you also need to provide a balance sheet of your business whose details are divided quarterly.
- Mark sheet of the surveyor loss assessor examination: All applicants must first clear the IRDA examination before applying for the license. Thus, provide proof that you have indeed completed your examination.
- Qualification details: Your qualification must match the insured object. For instance, if you want to deal in car insurance policies, you must have a mechanical engineering degree. For building policies, you must have civil engineering qualifications to some degree. Thus, provide the qualification details per the type of insurance policies that you want to entertain.
- NOC from the employer: For those applying for the license individually, their employer must issue a No Objection Certificate beforehand.
- Soft copy of the application form: When you ask how to get an insurance license in India, you must know that the process is only exclusively online. Thus, the process also requires that you submit the offline application form in addition to the receipt of the online form you have uploaded.
- Details of the license fee that you have paid: Provide proof of the way you have paid the license fee. For the demand draft, you must provide a copy of the DD. Likewise, if your method of payment was RTGS or NEFT, provide their details.
- Declaration: Provide a declaration that all the information you’ve entered in the application form, and the documents you’re providing are correct.
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Consequences of providing the wrong documents
If the documents you have provided are deemed by the IRDA to be imprecise, you will receive a notification. It will contain the details about the errors and the deadline for fixing them. Do as requested within the stipulated time and your application will gain acceptance from the IRDA.
It is better to provide the right documents from the start
We might have made it seem like IRDA is too forgiving when dealing with wrong documents. It is not. Providing the wrong information not only delays your application but also has far-reaching consequences for your business. Therefore, it is always better to consult with IRDA consultants before you apply for the surveyor loss assessor license.
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