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(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.