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Here we will see Section 2B of The Insurance Act.
2B. Appointment of Controller of Insurance. —
(1) If at any time, the Authority is superseded under sub–section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub–section (3) of section 19 of that Act.
(2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial qualifications.