(1) The following persons shall be eligible to be appointed as directors of the insurer:-
(a) Having worked for at least five years as a manager or officer of a foreign or domestic insurer, bank/financial institution or an organized organization in the related sector or as an official in a government service or an organized organization,
(b) Having obtained a bachelor's degree in any subject and having worked for at least three years at the director or official level of a foreign or domestic insurance, bank or financial institution or an organized institution of the related sector or at the official level of a government service or an organized institution,
(c) Chartered Accountancy or Post Graduate Degree in Insurance, Monetary, Banking, Finance, Commerce, Management, Public Administration, Statistics, Mathematics, Economics or Commercial Law.
(2) Notwithstanding anything contained in sub-section (1), having obtained master's degree or equivalent degree in insurance, monetary, banking, finance, commerce, management, public administration, statistics, mathematics, economics or commercial law and having a domestic or foreign insurance or related A person who has acquired at least five years of experience at the director or manager level of an organized organization in the region will be eligible to be appointed as an independent director of an insurer. However, the directors of the insurer, members of the director's immediate family, auditors, consultants and basic shareholders of the insurer or those who have financial interests with the insurer are not eligible to be independent directors.