law: Insurance Regulatory and Development Authority Act, 1999
  4. Composition of Authority
  The Authority shall consist of the following members, namely:-
  (a) a Chairperson;
  (b) not more than five whole-time members;
  (c) not more than four part-time members,
  to be appointed by the Central Government from amongst persons
  
  of ability, integrity and standing who have knowledge or experience in life
  
  insurance, general insurance, actuarial science, finance, economics, law,
  
  accountancy, administration or any other discipline which would, in the opinion
  
  of the Central Government, be useful to the Authority:
  PROVIDED that the Central Government shall, while
  
  appointing the Chairperson and the whole-time members, ensure that at least one
  
  person each is a person having knowledge or experience in life insurance,
  
  general insurance or actuarial science, respectively.