Irda Revises Financial Cap For Surveyors

New Delhi, May 21: | Updated: May 22 2003, 05:30am hrs
The Insurance Regulatory and Development Authority (Irda) has revised the surveyor limits in the case of marine cargo and miscellaneous business, while retaining the values of work allotted to surveyors in motor, marine hull and loss of profit businesses.

Last year, Irda had categorised the licensing of surveyors into three categories - A, B and C and had indicated the financial limits upto which each individual category of surveyor would carry out the survey. However, it received a large number of representations from surveyors for rationalisation of the structure. Thus, Irda chairman said in a notice to surveyors, it is now decided to re-fix the limits of the value of survey to be undertaken by different category of surveyors with effect from June 1 in respect of the classes of survey as follows:

In marine cargo and miscellaneous business, under category C, the existing limit of Rs 1 lakh would be enhanced to Rs 3 lakh, while for category B the present limit of Rs 3 lakh would be enhanced to Rs 7.5 lakh. Category A surveyors would be permitted to undertake survey in respect of claims over Rs 3 lakh. In the case of fire portfolio, category C limit of Rs 10 lakh would be reduced to Rs 5 lakh, category B existing limit of Rs 25 lakh to Rs 20 lakh and for category A the limit would be above Rs 5 lakh instead of Rs 10 lakh.

For engineering cases, the existing category C limit of Rs 5 lakh now would be reduced to Rs 2 lakh, category B from Rs 10 lakh to Rs 7.5 lakh and category A the limit above Rs 2 lakh against Rs 5 lakh.