The insurance surveyors and loss assessors have raised objection on FDI and the proposed amendment in the Insurance Bill which, according to them, will facilitate the private players and prove disadvantageous for the people insured.
The office-bearers of Chhattisgarh Chapter of the Indian Institute of Insurance Surveyors and los Assessors (IIISlA) told reporters here that there are only four Government insurance companies and 24 private insurance companies in the country. Insurance Regulatory and Development Authority (IRDA) controls and monitors all these companies.
For surveys and assessment, the Insurance Surveyors are independent agencies for finalising the claims and protected the interest of the insured.
However, Insurance Bill has been presented with the Parliament in the winter session. The Bill has Foreign Direct Investment (FDI) and changes in 64UM rule (which is mandatory for appointment of insurance surveyors and loss assessors), said Secretary of Chhattisgarh Chapter Hitesh Kumar Chitaliya.
Chitaliya said that the proposed amendment in 64UM will authorise the private insurance companies to get the survey and assessment done by their own employee or any engineer.Earlier, the assessment to the maximum of Rs20000 was done by the company by itself, but with the amendment, the limit will be removed.
“This will give the companies to exploit the insured and they will pass the claims according to their convenience,” said Chitaliya.He said that the insurance surveyors from all country had staged a demonstration at Jantar Mantar , New Delhi.‘We are trying to generate awareness among people regarding the negative aspects of the proposed amendment and FDI,’ added Chitaliya.