law: 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.