(1) In order to operate the Fund, the Government of Nepal shall form a board of directors consisting of the following chairman and members:-
(a) Person appointed by the Government of Nepal – Chairman
(b) Three representatives-members nominated by the Government of Nepal to be proportional representation of the insurers (c) Fund Manager – Member – Secretary
(2) The board of directors may invite any domestic or foreign expert to attend the meeting of the board of directors as an observer if deemed necessary.
(3) The term of office of the members of the Board of Directors shall be three years (4) The Secretariat of the Board of Directors shall be in the office of the Insurance Committee.