(1) A part-time member shall hold office for a period, not exceeding five years from the date on which he enters upon his office and shall be eligible for reappointment.
(2) Notwithstanding anything contained in sub-rule (1), a part-time 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 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999)
(3) No part-time members shall be removed under clause (d) or clause (e) of sub-rule (1) of section 6 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999) unless he has been given a reasonable opportunity of being heard in the matter.
(4) A part-time member appointed to fill up a casual vacancy, shall hold office for the remainder period of the term of the part-time member in whose place he is appointed.
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(5) A part-time member shall be entitled to receive such allowance by way of a fee of rupees one thousand only for each meeting of the Authority attended by him.
(6) A part-time member, while on tour (including the journey undertaken to attend a meeting of the Authority) shall also be entitled to traveling allowance and daily allowance at the same rates and are applicable to him if he is in Government Service or to an Additional Secretary to the Government of India if he is not in Government Service.