Discussion
Legislation gives which body the power to specify a code of conduct for surveyors and loss assessors?
Answer: B
Correct answer: Insurance Regulatory and Development Authority.
The Insurance Regulatory and Development Authority, constituted under the IRDA Act 1999, is empowered by the legislation to specify a code of conduct for surveyors and loss assessors, along with their qualifications, licensing and practical training.
Surveyors matter because they assess the loss on which a claim is settled, so their independence and competence bear directly on whether a policyholder is paid fairly - which is why the regulator licenses them individually rather than leaving it to insurers. SEBI regulates securities, not insurance, and the Life Insurance Council is an industry body without statutory rule-making power.
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