The Insurance Regulatory and Development Authority Act, 1999
Section 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.
Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.
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