The Hindu Business Line : IRDA panel on Institute for Surveyors set up

THE Insurance Regulatory and Development Authority (IRDA) has constituted an ad-hoc committee for the purpose of setting up an independent Institute of Surveyors and Loss Assessors (ISLA).

According to the IRDA Chairman, Mr C.S. Rao, the Government has advised the insurance regulator to take further action to promote ISLA as a self-financing and self-regulated institute on the model of the Institute of Company Secretaries or the Chartered Accountants.

The objective is that the institute would set up norms and standards, conduct examinations, undertake teaching and research and enforce a code of conduct for its members, Mr Rao said in a circular addressed to the non-life players of the insurance industry.

Earlier, the Government had constituted a committee on surveyors and loss assessors headed by the former Chairman and Managing Director of New India Assurance Company, Mr K.N. Bhandari, for examining the issue of according statutory status to surveyors and assessors.

The Government had recently considered and approved the recommendations of the Bhandari Committee.

Subsequently the regulator appointed the former Chairman and Managing Director of Oriental Insurance Company, Mr G.V. Rao, as advisor to assist IRDA in taking necessary steps to establish the institute of surveyors and assessors.

Mr G.V. Rao consulted the existing two institutes of surveyors and loss assessors operating from Mumbai and Chennai and also discussed the relevant issues with professionals in the insurance industry, including some of the Chief Executive Officers of the Government and private insurers.

Subsequently, Mr G.V. Rao suggested the constitution of an ad-hoc cmmittee of professional surveyors on the lines of the recommendations made by the Bhandari Committee.

According to the IRDA Chairman, the ad-hoc committee has the responsibility to form and establish ISLA.

It would invite applications from the licensed surveyors to become members of the proposed new institute.

Thereafter, it would call a general body meeting for the purposes of acceptance of memorandum and articles of association and also for conducting election of office bearers of the proposed new institute, who would then carry on the purposes and responsibility of the institute, Mr C.S. Rao said.

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