(1) The governing body of the Commission is a Board consisting of
(a) the chairperson,
(b) one representative of the Ministry of Finance and economic Planning not below the rank of Principal Economic Officer;
(c) one person who is either an experienced chartered insurer or a qualified insurance practitioner nominated in consultation with the insurance industry bodies;
(d) one person with qualification and practice in finance;
(e) one practicing lawyer nominated by the Ghana Bar Association;
(f) the Commissioner of Insurance appointed under section 12( 1); and
(g) one other person nominated by the President.
(2) The members of the Board shall be appointed by the President in accordance with article 70 of the Constitution.