|Requirements relating to Grant and Renewal of Licence of an Insurance Surveyor under the Insurance Ordinance, 2000.
Any person entitled to apply to be registered as an Insurance Surveyor must furnish following information/ documents to the SECP:
- An application for grant and renewal of license of insurance surveyors for any class of insurance surveyors under sub rules (1) and (2) of Rule 19 of the Insurance Rules, 2002.
- Certified true copy of certificate of incorporation duly certified by the Company Registration Office.
- Certified true copy of Memorandum and Articles of Association duly certified by the Company Registration Office.
- The minimum paid up share capital shall be one million rupees, which shall be specifically reflected in the Memorandum and Articles of Association.
- Fee for grant and renewal of licence of the insurance surveyors company to the extent of Rs.2,000/- for each class of insurance surveyors.
- Statement showing the breakup of the paid up capital of the company duly verified by the Chartered Accountants within the meaning of the Chartered Accountants Ordinance, 1961.
- Professional indemnity Insurance (in original) to the extent of one million rupees for any one event as laid down under Rule 17 of the Insurance Rules, 2002, for further period of one year.
- The minimum educational qualification for an insurance surveyor is Bachelor’s Degree in any discipline from a recognized university.
- The minimum of three years practical experience of insurance survey in the class or classes of insurance surveyors for which registration is sought either conducted under the supervision of an insurance surveyor licenced at that time under the Ordinance or registered under the repealed Act, or conducted as an employee of an insurance Co.
- A statement showing the numbers of persons working in the company along with their complete names, addresses and other particulars.
- Every application made under sub rule (1) or (2) of Rule 19 of the Insurance Rules, 2002 shall be accompanied by a declaration by the applicant stating that:
- The information presented in accordance with sub-rule (1) or (2), as the case may be, is complete and correct;
- The applicant has complied with the requirements of the Ordinance and rules concerning the required qualifications of an authorized surveying officer;
- The applicant is not appointed as an insurance agent of an insurance company;
- The applicant undertakes to comply and in the case of an existing insurance surveyors declares that he has during the previous twelve months complied with the ordinance and rules concerning the conduct of insurance surveyors;
- The insurance surveyors or, in the case of a body corporate, any director of the body corporate, or officer of the body corporate engaging in the business of insurance surveying or, in the case of a firm, any partner of the firm, or officer of the firm engaging in the business of insurance surveying, is not disqualified from acting as an insurance surveyor by virtue of:
- Being a minor;
- Having been found of unsound mind by a Court of competent jurisdiction;
- Having been found guilty, within five years preceding the date, of the declaration, of criminal misappropriation or criminal breach of trust, cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction;
- Having served any custodial sentence imposed by a Court of competent jurisdiction, ending within five years preceding the date of declaration;
- Having been found guilty by a Court of competent jurisdiction of any offence involving insurance; or having been otherwise declared as disqualified by the Insurance Tribunal, other than for a term which had expired prior to the date of the declaration.
- An application and declaration shall be made in writing and declaration shall be signed by at least two directors of the body corporate.
- The declaration should be on stamp paper, which should be attested by the Notary Public.
Lisencing of Associations not-for-profit
Lisencing of NBFCs