The Hindu Business Line : Insurance surveyors oppose changes to Section 64 of Act

IN the backdrop of the Law Commission recommendations to amend the Insurance Act, the Institute of Insurance Surveyors and Adjusters has opposed changes to provisions of Section 64 UM of the Act.

Such changes, in their view, would result in grave implications, affecting not only the interests of the surveyors but also the insuring public, particularly the common man.

In a press release here, the IISA Andhra Pradesh Chapter Secretary, Mr Vijay Kumar Gadre, said under the existing provisions of Section 64 UM of the Act it was required that any claim under a policy of insurance where the estimate of loss was in excess of a sum of Rs 20,000 should be settled after obtaining a survey report from a licensed surveyor.

According to IISA, the philosophy behind the provision was to ensure the liability under the policy and quantum of loss payable thereunder should be determined by an independent agency (the insurance surveyor) so that an unbiased and objective conclusion was reached in consumer interest.

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