Central Act

The Insurance Regulatory and Development Authority Act, 1999

5. Tenure of office of Chairperson and other members. 1[(1) The term of office of the Chairperson and other whole-time members shall be five years from the date on which they enter upon their office or till they attain the age of sixty-five years, whichever is earlier, and shall be eligible for reappointment.] (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.