New Enroll in RBI Grade B New Batch - Starts on May 21

    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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