: (1) The Government of Nepal shall appoint a Chief Executive Officer to act as the administrative head of the fund.
(2) To recommend the appointment of the Chief Executive Officer, the Government of Nepal shall form a selection committee as follows:-
(a) Gazetted special category of civil service prescribed by the Government of Nepal or equivalent officer – Coordinator
(b) Joint Secretary, Ministry of Finance – Member (c) Executive Director, Nepal Rastra Bank – Member (3) The selection committee as per sub-section (2) must have at least a master’s degree in economics, commerce, management, commercial law, accounting, banking or insurance or a chartered accountant degree in finance, banking. , will select three candidates through an open competition and recommend for appointment from among the persons with at least more than five years of work experience in the insurance or financial sector at least in the position of official second class or equivalent.
(4) From among the persons recommended in accordance with sub-section (3), the government of Nepal will appoint a suitable person to the position of the chief executive officer of the fund after evaluating their qualifications, experience and leadership ability.
(5) Until the appointment of the Chief Executive Officer in accordance with sub-section (4), the Government of Nepal may appoint or depute any officer employed by the Government of Nepal or the Nepal Rastra Bank or the Treasury of at least a gazetted second class or equivalent to serve as the Chief Executive Officer for a maximum period of six months.< br> (6) The tenure of the Chief Executive Officer will be four years.
(7) Notwithstanding anything contained in sub-section (6), the Chief Executive Officer of the Government of Nepal in the following casescan remove from the post :-
(a) If he lacks the capacity to execute or cause the tasks to be performed in accordance with this Act,
(b)    if it appears that he has acted dishonestly or maliciously in the affairs of the Fund,
(c)    If he does not conduct himself in accordance with his position,
(d) If he is unable to perform in accordance with the performance agreement as per section 50, and
(e) If the performance of his work is not satisfactory.
(8) Before removing the Chief Executive Officer according to sub-section (7), the Ministry shall form an investigation committee under the coordination of a member of the committee as specified.
(9) The inquiry committee formed according to sub-section (8) shall submit a report to the Ministry within one month.
(10) The chief executive officer shall not be entitled to discharge his official responsibility after the formation of the investigation committee as per sub-section (8).
(11) Before removing the Chief Executive Officer from his position, he should be given a reasonable opportunity to submit his explanation.
(12) The service, conditions, remuneration and other facilities of the Chief Executive Officer shall be as prescribed.