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Insurance Regulatory and Development Authority Act, 1999 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.    |
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