For the plan or plans there shall be a governing board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules and which shall consist of the following members:
(1) Four (4) members shall be representatives of foreign insurance companies, with those members to be appointed for terms of three (3) years; and
(2) Three (3) members shall be representatives of domestic insurance companies, with those members to be appointed for terms of three (3) years.