A discussion meeting with the participation of staff of insurance loss assessing company and representatives of insurers as well as insurance brokers was held on April 23, 2010 organized by the Insurance Department. As a result of the meeting, following conclusions were made.
To do research on possible adjustment to be made on regulations related to insurance loss assessment and submit the findings to the FRC’s management.
To determine whether to assess or not to assess the damages in the event of claims not to be paid to the insured for a loss and, to explain the reasons in detail on the insurance loss and assessment report when claims not paid.
Property assessment companies should state the source of market research and include the facts and details of the assessment in the report.
According to a set of insurance regulations, the insurance adjustors who are licensed under the FRC are to be insured with professional liability insurance. However in the newly approved law on property assessment, the insurance adjustors are to be again insured with professional liability insurance hence proper regulation needs to be made on how to resolve the current overlapping.