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The Insurance Regulatory and Development Authority of India directs all corporate surveyors and loss assessors to comply with reporting rules for closure, dissolution, or changes in corporate entities. Directors and partners must submit material changes and surrender original licenses within fifteen days. Licensed surveyors who are directors or partners must not take up individual work without surrendering or modifying the corporate surveyor license. For corporate closure, the entity must submit an application signed by all directors or partners, an affidavit regarding pending survey work, the original license, a certified copy of closure or dissolution, Form-12 copies, and director or partner license copies. Non-compliance violates the code of conduct and triggers regulatory action under the Surveyors Regulations.
What you must do
Key dates
Who is affected
Thresholds
If you do not comply
Ask about this circular
![Image omitted. See the official document.]
Ref: IRDAI/NL/CIR/MISC/042/03/2018
6th March, 2018
To
All Corporate Surveyors and Loss Assessors
Re: Closure/Dissolution of Corporate Surveyors
As per IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015(hereinafter referred as Surveyors Regulations) vide regulation 4(6)(2), directors/partners of a corporate surveyor are required to submit material changes about the corporate entity to the Authority within 15 days of such change. It is further prescribed that original license issued by the Authority to the corporate surveyor is required to be surrendered for grant of modified license.
Regulation 13(b) specifies that it is one of the duties and responsibilities of a surveyor and loss assessor to bring to the notice of the Authority, any change in the information or particulars furnished at the time of issuance of license, that has a bearing on the license granted by the Authority, within a period of not exceeding fifteen days from the date of occurrence of such changes.
It has come to the notice of Authority that directors and partners of corporate surveyors are not complying with the above and start taking up individual work without intimating the Authority about their resignation from the corporate entity or closure/dissolution of the corporate surveyor.
Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (T) : +91-40-2020 4000, (F) : +91-40-2020 4555 Website : www.irdai.gov.in
In this regard, attention is drawn to Regulation 4(6)(1) which requires submission of declaration from licensed surveyors and loss assessors who intends to join a corporate surveyor as directors or partners that they will not take up individual survey work in individual capacity upon grant of corporate surveyor license.
Authority hereby advises all corporate surveyors to strictly comply with the above regulatory stipulations in letter and spirit. Further, in respect of closure/dissolution of corporate entity, it is mandatory to surrender original license issued along with following:
Licensed surveyors who are directors and partners in corporate entities are hereby cautioned not to take up individual work without modifying /surrendering the corporate surveyor license as prescribed above and that such act shall be deemed as violation of code of conduct prescribed by the Authority invoking regulatory action under Regulation 23 and 24 of IRDAI Surveyors Regulations.
[Image omitted. See the official document.]
P.J.Joseph
Member (Non Life)
