As per the section 4 of IRDAI Act' 1999, Insurance Regulatory and Development Authority of India (IRDAI, which was constituted by an act of parliament) specify the composition of Authority 

The Authority is a ten member team consisting of

    (a)    a Chairman;
    (b)    five whole-time members;
    (c)    four part-time members,

(all appointed by the Government of India)