Insurance brokers

1. A CRITIQUE ON ACTUARIES,
SURVEYORS, LOSS
ASSESSORS AND BROKERS
AMRITHA V
ROLL NO 8

2. ACTUARIES
• Section 2 Clause 1 (a) of the Actuaries Act, 2006
defines actuary as a person skilled in determining
the actual effects of future contingent events or in
financial modelling and risk analysis in different
areas of insurance, or in calculating the value of life
interests and insurance risks, or in designing and
pricing policies.

3. THE ACTUARIES ACT,2006
• The main intent behind the legislation of this law
was of regulating, kick-starting the development
and institutionalisation of the profession and
other issues that are associated with actuaries

4. INSTITUTE OF ACTUARIES IN INDIA
Sole professional actuaries body dealing the work
professionally. For the promotion of the status
and reputation of the practice of actuary as a
professional career in the country.

5. SURVEYOR AND LOSS ASSESSOR
• The insurance surveyor and Loss Assessor plays a crucial
roles in the Insurance claims process
• A Surveyor and Loss Assessor is an insurance intermediary
licensed by IRDAI and professional link to investigate
manage, quantify, validate and deal with losses arising from
any contingency on behalf of the insured or insurer and
report thereon and carry out the work with competence,
objectivity and professional integrity by strictly adhering to
the code of conduct stipulated under the law/regulation
• IRDAI grants individuals a surveyor license to individuals as
well as firms who wish to work in the field.

6. • Surveyors are appointed by the insurance company,
whereas loss assessors are appointed by the
policyholder. Surveyors are responsible for assessing
the damage caused to the property, while loss
assessors are responsible for assessing the loss
suffered by the policyholder.

7. IRDAI
• Insurance Regulatory and development
authority of India
• Statutory body under the jurisdiction of
ministry of finance.
• Licensing and regulating the insurance and re
insurance industries in India

8. • Kochar Wollen Mills Pvt Ltd vs United
Insurance Co Ltd
• Ramesh Agarwal v. Branch Manager the
Oriental Insurance Co. Ltd
• Mullangie Spintex Pvt. Ltd v. New India
Assurance Co. Ltd

9. INSURANCE BROKERS
• An insurance broker is a licensed professional Who is a specialist in
insurance and risk management. His primary responsibility is to
represent his client/ customer in assisting their client in selecting the
best possible insurance policy suitable to their needs.
• As per IRDAI, there are five categories of insurance broker, which
includes:
• Direct Broker (Life)
• Direct Broker (General)
• Direct Broker (Life & General)
• Reinsurance Broker
• Composite Broker.

10. CONCLUSION
• With India becoming a destination of rapid capitalism and economic
development, assessment of risk management is a necessity which
needs to be promoted amongst the people of the country. Insurance
surveyors and loss assessors are crucial in the development of
insurance industry.
• The role of insurance brokers is important for the development and
growth of insurance sector in India. Their role in client education,
dissemination of unbiased information and representation before the
insurers make them highly important.