(1) There shall be established as soon as practicable a body which shall be known as the Insurance (Agents and Brokers) Certification Committee of Ireland and is referred to in these Regulations as the "the Committee".
(2) The members of the Committee shall be appointed by the Bank and shall hold Office for such period as it shall determine.
(3) The Committee shall consist of a chairman and six ordinary members.
(4) One member of the Committee shall be nominated by the Bank and the remaining six by such bodies as the Bank considers representative of the insurance industry.
(5) The chairman of the Committee shall be chosen annually by the Committee from the six members nominated by the bodies referred to in paragraph (4).
(6) The Committee may perform its functions notwithstanding any vacancy on the Committee.