(1) The association is governed by a board of directors consisting of five directors who have experience in health care, health insurance, or finance as follows:
(a) three directors, one each from the eligible health insurers with the largest enrollment in the individual market. If there are fewer than three, the board shall select another director from a health insurance issuer that markets primarily major medical insurance.
(b) one insurer director appointed by the commissioner who is a participating member of the association; and
(c) one director appointed by the governor to represent the public interest.
(2) The board of directors may be reimbursed by the association for travel expenses but may not otherwise be compensated for their services.
(3) Each director has one vote.
(4) Initial appointments must be finalized no later than May 1, 2019, and the board shall meet for the first time no later than May 8, 2019.