Page 23 - Life Insurance Today April 2018

Circular

IRDAI Circular

Amendment to guideline 34A of Activities by Insurance Companies’ by Insurance regulatory
and Development Authority of India (Outsourcing of
Guidelines of Insurance Repositories and Activities by Indian Insurers) Regulations, 2017.
electronic issuance of insurance policies
dt. 29th May 2015 Member (Non-Life)

Ref. No:IRDA/INT/CIR/INSRE/034/02/2018
Closure/Dissolution of Corporate
Date:27-02-2018
Surveyors

Reference is drawn to the revised Guidelines of Insurance Ref. No:IRDAI/NL/CIR/MISC/042/03/2018
Repositories and electronic issuance of insurance policies
dt. 29th May 2015. As per guideline No.34 A – other Date:06-02-2018
services, the IRs are authorised to undertake services which As per IRDAI (Insurance Surveyors and Loss Assessors)
are in addition to creation/maintenance of electronic Regulations, 2015(hereinafter referred as Surveyors
policies. The list/scope of these services are as given in the Regulations) vide regulation 4(6)(2), directors/partners of
‘Guidelines on Outsourcing of activities by Insurances a corporate surveyor are required to submit material
Companies’ dated 1st February, 2011. changes about the corporate entity to the Authority within
15 days of such change. It is further prescribed that original
Guideline 8(5) of the outsourcing guidelines of 1st February, license issued by the Authority to the corporate surveyor
2011 states that subject to these Guidelines, Agents, is required to be surrendered for grant of modified license.
Corporate Agents, Brokers, TPA’s and Surveyors and other
regulated entities shall not be contracted to perform any Regulation 13(b) specifies that it is one of the duties and
outsourced activity other than those permitted by the responsibilities of a surveyor and loss assessor to bring to
respective regulations/instructions governing their licensing the notice of the Authority, any change in the information
and functioning. or particulars furnished at the time of issuance of license,
that has a bearing on the license granted by the Authority,
Now with the outsourcing guidelines being superseded by within a period of not exceeding fifteen days from the date
IRDA (Outsourcing of Activities by Indian Insurers) of occurrence of such changes.
Regulations, 2017, there is a disconnect between the IR
guidelines and the outsourcing regulations.The IR guidelines It has come to the notice of Authority that directors and
draw reference to the outsourcing guidelines which do not partners of corporate surveyors are not complying with the
exist as they have been superseded. above and start taking up individual work without
intimating the Authority about their resignation from the
Therefore, in line of the above the Authority amends para corporate entity or closure/dissolution of the corporate
No.34A of the Guidelines of Insurance Repositories and surveyor.
electronic issuance of insurance policies dt. 29th May 2015
by replacing the words ‘Guidelines on Outsourcing of In this regard, attention is drawn to Regulation 4(6)(1)

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