(1) The Chairman or member of the committee should have the following qualifications:- (a) In insurance, monetary, banking, finance, commerce, management, public administration, statistics, mathematics, economics or law: at least master's degree or equivalent. At least five years of senior managerial work experience in the relevant field,
(b) having high moral character,
(c) Not disqualified as per sub-section (3).
(2) Notwithstanding anything written in sub-section (1), the said qualification shall not be required in the case of the member under clauses (b) and (c) of sub-section (1) of section 6.
(3) Any of the following persons shall be deemed ineligible to be appointed to the office of Chairman or member or to hold such office: (a) Non-Nepali citizens,
(b) employees, directors, consultants or incumbent employees of the insurer,
(c) He or any member of his immediate family is a basic shareholder or has a financial interest in any insurer or a basic shareholder of an organized body having a financial interest in an insurer,
(d) Being in a state of infidelity according to the prevailing law, (e) Being unable to serve in the committee due to physical and mental ill health,
(f) Corruption, banking or insurance-related/offences, fraud, human trafficking, money laundering, - Organized crime or any other criminal offense amounting to moral turpitude by a court: Convicted,
(G) For being blacklisted according to the existing law, not having completed three years of release,
(h) any penalty imposed by a court or regulatory body established under prevailing law,
(i) Having obtained a permanent residence permit of a foreign country,
(h) Two years have not completed since the separation from the position of chairman, member, executive head and senior management officer of the board of directors of the insurer.