Insurance Regulatory and Development Authority Act, 1999
5. Tenure of office of Chairperson and other members
(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.