Insurance cos may have to take the service of independent loss assessorsInsurance cos may have to take the service of independent loss assessors
Apnainsurance.com Research Bureau
31 Jul 2008
government is planning to do away with the provision of employee surveyors to
settle claims. It instead wants insurance companies to use independent loss
assessors, even for smaller claims. Currently insurers allow employees to
survey or assess claims up to Rs. 20,000, under Section 64 UM of the insurance
government will have make changes in Section 64 UM or delete the Section and
possibly will include in the new Insurance Bill.
demand was made by the Indian Institute of Insurance Surveyors & Loss
Assessors (IIISLA). It is being considered by the group of ministers (GoM) evaluating
the Insurance Bill, as well as the Insurance Regulatory & Development
The IIILSA is the head institution of insurance surveyors and loss assessors promoted by the IRDA. It was set up by the Finance ministry in 2005.
After revising the bill, the GoM will return it to the Finance ministry to be presented in the Parliament.