Any person who meets the following qualifications can be Chairman and Member of the Board:-
(a) Nepali citizens,
(b) Having at least a bachelor's degree in any subject from a recognized educational institution and at least seven years of experience in the case of the chairman and at least five years of experience in the case of a member, but for the member as per clause (d) of sub-section (2) of section 13, medical science, public health, Must have completed post graduation in economics or financial management.
(c) Not having been convicted of corruption, extortion, human trafficking and trafficking, sale, distribution and exportation or importation of narcotic drugs, money laundering, passport misuse, kidnapping related offenses or other criminal offenses showing moral turpitude,
(d) having continuous health insurance for four years, but this provision shall not be applicable to the chairman or member for the first four years after the commencement of this Act.
(e) Not being a director or a fundamental shareholder of an insurance company, Explanation: For the purpose of this section, "fundamental shareholder" means a person who holds one percent or more of the total paid-up capital of an insurance company in his name.
(f) Not exceeding sixty-five years of age.