Insurance Regulatory and Development Authority Act : Tenure of office of Chairperson and other members.

Insurance Regulatory and Development Authority Act,1999

Act No : 41

Section : Tenure of office of Chairperson and other members.

5. Tenure of office of Chairperson and other members.-(1) The Chairperson and every other whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment: Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years: Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years. (2) A part-time member shall hold office for a term not exceeding five years from the date on which he enters upon his office. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may- (a) relinquish his office by giving in writing to the Central Government notice of not less than three months; or (b) be removed from his office in accordance with the provisions of section 6.