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      Question

      According to Section 5of the IRDA Act, what is the

      tenure of office for the Chairperson and other whole-time members?
      A Three years Correct Answer Incorrect Answer
      B Five years Correct Answer Incorrect Answer
      C Seven years Correct Answer Incorrect Answer
      D Ten years Correct Answer Incorrect Answer
      E It varies based on the discretion of the appointing authority Correct Answer Incorrect Answer

      Solution

      Section 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.

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