(1) An insurance committee will be formed to organize, regulate, develop and control the insurance business. (2) The following members will be in the committee under sub-section (1): - (a) Person appointed or designated by the Government of Nepal - Chairman (b) Representative, Law , Ministry of Justice and Parliamentary Affairs - Member (c) Representative, Ministry of Finance - Member (d) One person nominated by the Government of Nepal from among the people with special knowledge in insurance business - Member (e) One person nominated by the Government of Nepal from among the insured - Member 3) An employee appointed by the committee will act as the secretary of the committee. (4) If the government of Nepal deems it necessary, it may change the members of the committee by publishing a notice in the Nepal Gazette. (6) The term of office of nominated members of the committee shall be four years. After the term of office expires, they can be re-nominated up to two times. (7) The head office of the committee will be in Kathmandu Valley.