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Section 5: Tenure of office of Chairperson and other members.

The Insurance Regulatory and Development Authority Act, 1999Central Act · Act 41 of 1999

[(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.

Where this provision sits

ActThe Insurance Regulatory and Development Authority Act, 1999
Section5
Marginal noteTenure of office of Chairperson and other members.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 40 of 2025. . Subs. by Act 40 of 2025, s. 89, for sub-section (1) (w.e.f. 05-02-2026)

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