(a) The affairs of every domestic insurer shall be managed by the number of directors fixed in the insurer's bylaws, which shall not be less than five or more than 21 directors.
(b) Directors must be elected at the time and place, and for the terms, not exceeding three years, provided in a domestic insurer's bylaws. Unless the bylaws provide otherwise, a director is not required to be a member or stockholder of the insurer.
(c) The term of a director extends until a successor has been elected and has qualified.