Section 103: Special Administration/Management Team

1) The Authority may constitute a Special Administration Team consisting of three persons possessing prescribed qualifications for the operation and management of the insurer taken under control by the Authority pursuant to sub-section (5) of Section 102, and the Authority may carry forward the operational and managerial activities through this team.

2) The tenure of the Special Administration Team shall be 1 year, and the Authority may extend the tenure for an additional one year based on appropriateness or may dissolve the team.

3) In case performance is unsatisfactory, the Authority may sack (remove) all or any member of the Special Administration Team as prescribed.

4) The Authority may appoint another person possessing the prescribed in accordance with sub-section (1) qualification for the remaining period on the post in case the member of the special administration team is sacked by the Authority before the completion of prescribed tasks.

5) The appointment procedure, remuneration, privileges and other provisions related to the members of the special administration team shall be as determined by the Authority.