The Insurance Regulatory and Development Authority of India (“ IRDAI ” / “ Authority ”) has issued the final order bearing reference number IRDAI/SUR/ORD/ONS/130/11/2025 in the matter of Shri Deepak Ganpatlal Sharma pertaining to the receipt of application bearing URN 500051026 for the grant of a new corporate surveyor license to M/s Enki Insurance Surveyor and Loss Assessors Pvt. Ltd. (“ Applicant Company ”), wherein Shri Deepak Ganpatlal Sharma (“ Surveyor ”) is one of the directors.
Background:
Upon processing of the application and examination of the documents received, the Authority observed potential non-compliance with the Regulatory requirements. A personal hearing was held by the Authority dated June 03, 2025, upon request of the Applicant. The Surveyor concerned did not attend the hearing, and it was attended only by the Director representing the Applicant. The minutes of the meeting were consequently recorded and communicated vide email dated June 12, 2025. However, as requested, the director failed to submit the signed copy of the minutes.
Further, no response to the Show Cause Notice (“ SCN ”) dated August 07, 2025, was received from the Surveyor despite repeated directions from the Authority. Therefore, the Authority considered the submissions made by the Applicant company in its application and personal hearing with the director to decide on the matter.
The observations raised by the Authority and decisions thereon are summarised below for your reference:
- Charge
- Violation
- Observation of the Authority
- Decision of the Authority
Violation of:
Section 64UM (2) of the Insurance Act, 1938 (“ Act ”), and Regulation 16(1), 3(8)(b)(i) and 3(8)(b)(iv) of IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 (“ SLA Regulations ”)
The relevant excerpt of Section 64UM of the Act is stated as follows:
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
The relevant excerpt of Regulation 16(1) of the SLA Regulations is mentioned hereunder as follows:
behave ethically and with integrity in the professional pursuits. Integrity implies not merely honesty but fair dealings and truthfulness’
The relevant excerpt of Regulation 3(8)(b)(i) and Regulation 3(8)(b)(iv) of the SLA Regulations is mentioned as follows:
Consideration of application –
(a)…
(b) Without prejudice to the foregoing, the Authority shall take into account the following and satisfy itself that the applicant:
(i) meets all the requirements of Section 64UM read with Section 42D of the Act and fulfils the eligibility criteria set out in Regulation 3 of these Regulations.
(ii) …
(iii) …
(iv) possesses the specified qualifications, has undergone practical training and has passed an examination conducted by the examination body.’
The Authority observed that:
- The Surveyor holds the passport issued by the United States of America (U.S.A) and holds the status of Overseas Citizen of India since 30th January 2008. In view of the above, the surveyor has been a foreign national since January 30, 2008.
The Surveyor holds the passport issued by the United States of America (U.S.A) and holds the status of Overseas Citizen of India since 30th January 2008. In view of the above, the surveyor has been a foreign national since January 30, 2008.
- The Surveyor declared himself to be an Indian national and a permanent resident of India in his enrolment application bearing URN 1000005087, dated August 30, 2016, by furnishing his driving license and electricity bill as proof of address.
The Surveyor declared himself to be an Indian national and a permanent resident of India in his enrolment application bearing URN 1000005087, dated August 30, 2016, by furnishing his driving license and electricity bill as proof of address.
- The Surveyor did not complete the training from September 06, 2016, to September 06, 2017, and filed the application for the grant of a new surveyor license on October 13, 2018, by submitting the aforesaid training certificate and an affidavit mentioning that he is a permanent resident of India.
The Surveyor did not complete the training from September 06, 2016, to September 06, 2017, and filed the application for the grant of a new surveyor license on October 13, 2018, by submitting the aforesaid training certificate and an affidavit mentioning that he is a permanent resident of India.
- Subsequently, the Surveyor was issued an individual insurance surveyor license no. IRDA/IND/SLA-120901 on November 30, 2018. The said license was subsequently renewed in 2021 and 2024. And at no point of time, from August 30, 2016, till date, the surveyor has disclosed the fact of his foreign nationality to the Authority.
Subsequently, the Surveyor was issued an individual insurance surveyor license no. IRDA/IND/SLA-120901 on November 30, 2018. The said license was subsequently renewed in 2021 and 2024. And at no point of time, from August 30, 2016, till date, the surveyor has disclosed the fact of his foreign nationality to the Authority.
The Authority decided on the matter as follows:
- The Surveyor failed to act fairly, ethically an truthfully in his submissions, thus violating Regulation 16(1) of the SLA Regulation.
The Surveyor failed to act fairly, ethically an truthfully in his submissions, thus violating Regulation 16(1) of the SLA Regulation.
- The Surveyor was ineligible to obtain and hod surveyor license due to incomplete training and his subsequent application is in violation of Regulation 3(8)(b)(i) and 3(8)(b)(iv) of the SLA Regulation and Section 64UM(2) of the Act.
The Surveyor was ineligible to obtain and hod surveyor license due to incomplete training and his subsequent application is in violation of Regulation 3(8)(b)(i) and 3(8)(b)(iv) of the SLA Regulation and Section 64UM(2) of the Act.
The Authority held the Surveyor be disqualified to act as an insurance intermediary and cancelled the individual insurance surveyor license of the Surveyor with immediate effect.
In case the surveyor feels aggrieved by this Order, he may prefer an appeal to the Securities Appellate Tribunal as per the provisions of Section 110 of the Insurance Act, 1938.
A copy of the Order is attached for your ready reference.
Source category: IRDAI
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