Ref: IRDAI/NL/CIR/MISC/042/03/2018 6^thMarch, 2018

To

All Corporate Surveyorsand Loss Assessors

Re: Closure/Dissolution ofCorporate Surveyors

As per IRDAI (InsuranceSurveyors and Loss Assessors) Regulations, 2015(hereinafter referred asSurveyors Regulations) vide regulation 4(6)(2), directors/partners of acorporate surveyor are required to submit material changes about the corporateentity to the Authority within 15 days of such change. It is further prescribedthat original license issued by the Authority to the corporate surveyor isrequired to be surrendered for grant of modified license.

Regulation 13(b) specifiesthat it is one of the duties and responsibilities of a surveyor and lossassessor to bring to the notice of the Authority, any change in the informationor particulars furnished at the time of issuance of license, that has a bearingon the license granted by the Authority, within a period of not exceedingfifteen days from the date of occurrence of such changes.

It has come to the noticeof Authority that directors and partners of corporate surveyors are notcomplying with the above and start taking up individual work without intimatingthe Authority about their resignation from the corporate entity orclosure/dissolution of the corporate surveyor.

In this regard, attentionis drawn to Regulation 4(6)(1) which requires submission of declaration fromlicensed surveyors and loss assessors who intends to join a corporate surveyoras directors or partners that they will not take up individual survey work inindividual capacity upon grant of corporate surveyor license.

Authority hereby advisesall corporate surveyors to strictly comply with the above regulatorystipulations in letter and spirit. Further, in respect of closure/dissolutionof corporate entity, it is mandatory to surrender original license issued alongwith following:

1.      Application for surrenderof corporate surveyor license duly signed by all directors/partners.

2.      Affidavit stating that nosurvey work is pending with the company/firm and that pending jobs shall bereturned to the insurer or insured before applying for surrender of corporatelicense.

3.      Original corporatesurveyor license issued by the Authority

4.      Certified copy of closure/dissolutionof corporate surveyor

5.      Copies of Form-12 of corporatesurveyors and respective directors/partners.

6.      Copy of licenses ofdirectors/partner

Licensed surveyors who aredirectors and partners in corporate entities are hereby cautioned not to takeup individual work without modifying /surrendering the corporate surveyorlicense as prescribed above and that such act shall be deemed as violation ofcode of conduct prescribed by the Authority invoking regulatory action underRegulation 23 and 24 of IRDAI Surveyors Regulations.

P.J.Joseph

Member (Non Life)