ISLAMABAD (March 19 2009): Only licensed insurance surveyors under Insurance Ordinance 2000 would be allowed to conduct insurance survey of insured loss/damage to ensure impartiality and fair handling of a claim by an insurer under the proposed insurance surveying rules.
The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments/modifications in the insurance surveying rules of Insurance Rules 2002, through SRO.224(I)/2009 here on Wednesday. The amended rules have been placed on its website for eliciting publics opinion as to their suggestions/objections, if any.
After approval of the amendments, insurance surveyors will fully understand the prescribed requirements and comply with the same within the given timeframe. According to the SECP, all those insurance surveyors, registered under the repealed Insurance Act 1938, were allowed a five years transitional period to convert their registration under the Ordinance.
Regrettably, majority of the insurance surveyors did not fully understand the prescribed requirements and therefore failed to comply with the same within the given timeframe. Moreover, to address the identified anomalies and weaknesses in the relevant rules, the Commission in consultation with Surveyors and Adjusters Association of Pakistan, finalised the said amendments/modifications.
The SECP remains committed to continuous professional development of those functional in the field of insurance surveying, and the proposed amendments/modifications in the insurance surveying rules will go a long way in this direction.
The proposed amendments/modification in the insurance surveying rules have been placed on the SECP website www.secp.gov.pk/notifications.asp to elicit comments and suggestions of the stakeholders and the general public. Under the proposed rules, the renewal of registration to act as an authorised surveying officer, for the respective classes of insurance surveying shall be subject to the laid down qualifications and practical experience.
The SECP has specified the educational qualification and experience for insurance surveyors belonging to different classes including fire & property damage business; fire & property business (including loss of profit and Business interruption in consequence of fire and property damage); engineering (material damage) business; engineering business (including loss of profit and advanced loss of profits in consequence of engineering material damage); marine, aviation and transport business; marine cargo business; marine hull business; aviation hull business; motor third party compulsory business; motor business (including own -damage and motor third party compulsory); workers compensation business; credit and suretyship business; accident and health business; agriculture insurance including crop insurance; and miscellaneous business category of the authorised surveying officer.
As per proposed rules, an application for registration as authorised surveying officer shall be accompanied by a fee of five thousand rupees per class of insurance surveyor which shall be refunded if the relevant certificate is not granted and for renewal of registration as authorised surveying officer shall be accompanied by a fee of three thousand rupees per class of insurance surveyor which shall be refunded if the relevant renewal certificate is not granted.
The Commission, if it is satisfied that the applicant seeking fresh registration or renewal to act as an authorised surveying officer has fulfilled the conditions mentioned in the Ordinance or these rules may grant or renew registration, as the case may be, to act as an authorised surveying officer.
The Commission may, at any time, in writing require an applicant whose application is pending for registration or renewal of registration to act as an authorised surveying officer to furnish, within the time specified therein, any statement, information or documents relating to the registration or renewal or may require the applicant to appear in person, proposed rules added.