(1) Arrangements under section 2L must include the establishment and maintenance of a panel of persons (to be known as "the Insurance Practitioner Panel") to represent the interests of practitioners involved in the carrying on of the activity of effecting or carrying out of contracts of insurance.
(2) The PRA must appoint one of the members of the Insurance Practitioner Panel to be the chair of the Panel.
(3) The Treasury's approval is required for the appointment or dismissal of the chair.
(4) The PRA must appoint to the Insurance Practitioner Panel at least one person representing PRA-authorised persons engaged in the activity of effecting or carrying out of contracts of insurance.
(5) The PRA may appoint to the Insurance Practitioner Panel such other persons as it considers appropriate.
(6) Subsections (4) and (5) are subject to section 2LA.