(1) (A) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance (Amendment) Act, 1968 , unless he holds a valid licence issued to him by the Controller.
(B) Every person who intends to act as a surveyor or loss assessor after the expiry of a period of one year from the commencement of the Insurance (Amendment) Act, 1968 , shall make an application to the Controller within such time, in such form, in such manner and on payment of such fee, not exceeding rupees two hundred and fifty, as may be prescribed.
(C) Every licence issued under this section shall remain in force, unless cancelled earlier, for a period of five years from the date of issue thereof, and may be renewed for a period of five years at a time, on payment of such fee, not exceeding rupees two hundred, as may be prescribed.
(D) No licence to act as a surveyor or loss assessor shall be issued unless--
(i) the applicant, where he is an individual, satisfies the Controller that he--
(a) has been in practice as a surveyor or loss assessor on the 26th day of October, 1968 , or
(b) holds a degree of a recognized University in any branch of engineering, or
(c) is a fellow or associate member of the Institute of Chartered Accountants of India or the Institute of Cost and Works Accountants of India, or
(d) possesses actuarial qualifications or holds a degree or diploma of any recognized University or institute in relation to insurance, or
(e) holds a diploma in insurance granted or recognized by the Government, or
(f) possesses such other technical qualification as may be prescribed, and
(g) does not suffer from any of the disqualifications mentioned in sub- section (4) of section 42;
(ii) the applicant, where he is a company or firm, satisfies the Controller that all his directors or partners, as the case may be, possess one or more of the qualifications specified in clause (i) and none of such directors or partners suffer from any of the disqualifications mentioned in sub- section (4) of section 42.
(E) Every application for the renewal of the licence shall be made at least thirty days before the expiry of the period of validity thereof.
(F) The Controller may, if he is satisfied that any licence issued or renewed under this section has been lost or destroyed, issue a duplicate licence on payment of a fee of rupees five and the duplicate licence so issued shall remain in force for the remainder of the period of validity of the licence in lieu of which it is issued.
(G) Without prejudice to the powers conferred by sub- section (7), the Controller, if satisfied that the holder of any licence has made a statement which is false in material particulars with regard to his eligibility for obtaining such licence or has, after the issue or renewal of such licence, acquired any of the disqualifications mentioned in sub- section (4) of section 42, may, after giving a reasonable opportunity to the holder of such licence of being heard, by order cancel such licence and notify such cancellation in the Official Gazette.