56.—(1) The members of the Board (including the chairperson and the chief executive) shall be such number, not more than 11, as the Minister considers appropriate from time to time.

(2) Each member of the Board shall be a person who, in the Minister’s opinion, has experience in a field of expertise relevant to the Board's functions.

(3) The members of the Board shall be appointed by the Minister as soon as may be after the establishment day.

(4) Except as provided for by subsection (3), the members of the Board shall be appointed from time to time as occasion requires by the Minister.

F76[(5) Of the members of the Board—

(a) one shall be a person nominated for such appointment by Insurance Ireland (or any successor of it), and

(b) one shall be an employee of the Central Bank of Ireland nominated for such appointment by the Governor of the Central Bank of Ireland.]

F77[(6) The chief executive, and a person nominated for such appointment by the chairperson of the Competition and Consumer Protection Commission, shall each be a member of the Board.]

(7) The Minister shall, in so far as is practicable, ensure an equitable balance between the numbers of members of the Board who are women and the number of them who are men.

(8) The Minister when appointing a member shall fix such member’s period of membership which shall not exceed 5 years and, subject to this section, membership shall be on such terms as the Minister may determine.

(9) The members of the Board (including the chairperson and the vice-chairperson) may be paid such remuneration and allowances as the Minister, with the consent of the Minister for Finance, may determine.