There is created a governing board of seven (7) members to be appointed by the Insurance Commissioner which shall meet as necessary to review and prescribe operating procedures and rules to implement any plan promulgated pursuant to this chapter. The board shall be composed of the following members:
(1) The Insurance Commissioner, who shall serve as chair;
(2) Two (2) representatives from insurers licensed to operate in this state;
(3) Two (2) representatives who are licensed insurance agents in this state; and
(4) Two (2) consumer representatives.