Insurance surveyors protest against IRDAI 2019 regulation
Thousands of insurance surveyors and assessors all over the country are slated to be adversely affected with the new regulations proposed by IRDAI in its Regulation of 2019. The office bearers and members of Indian Institute of Insurance surveyors and loss assessors have given a call for a nationwide strike against the new drafts proposed. The surveyors alleged that the provisions made in 2019 regulation will not only adversely impact the interest of public but hit the economy of the country as well.
On Saturday the insurance assessors from Indian Institute of Insurance surveyors and loss assessors (IIISLA) from Haridwar, Bijnor, Kotdwar and Rishikesh gathered to speak up against the new regulations in Haridwar. Addressing the media persons the secretary of Uttarakhand chapter of IIISLA, Bhopendra Singh, said, “In the new exposure draft by Insurance regulatory and development Authority(IRDAI), a hike in ‘No Survey Financial Limit’ has been made from Rs 50,000 to 75000 for motor claims and from 1 lakh to1.50 lakhs in other claims.This will be handled by untrained employee surveyors and will result in injustice to the consumer as more than 85% of the total claim reported will fall in NSFL limit.’’
The assessors also announced that from November 18 to 20, a protest shall be staged at Jantar Mantar in New Delhi against the new draft exposure.
The surveyor of General Insurance and member of IIISLA, Ajay Arora said that without any training or experience anyone can clear the exam and get the license to become assessor under this new proposed draft of October31, 2019 and settle claims up to Rs 75000. This could be disastrous, he added.
It is alleged that since the customer who is not well versed with the fine points of the policy will fall prey as the employee surveyor will either reject or reduce the legitimate claim on the pretext of small and avoidable technical deficiencies. The cascading effect of this fall out will be similar to banking sector recently.
Sunday, 17 November 2019 | PNS | Haridwar
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