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Insurance cos may have to take the service of independent loss assessors

Insurance cos may have to take the service of independent loss assessors

Apnainsurance.com Research Bureau

31 Jul 2008

The 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 Act.

The government will have make changes in Section 64 UM or delete the Section and possibly will include in the new Insurance Bill.

The 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 Authority (IRDA).

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.



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