Insurance Regulatory And Development Authority Act, 1999

Tenure of office of Chairperson and other members.

5. (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.