A physician who holds an unrestricted license to practice medicine or osteopathy in another state is not required to obtain a license from the State Board of Medical and Osteopathic Examiners to receive training, for a period of ninety days or less, at a facility in this state under the direct supervision of a physician licensed in good standing in accordance with this chapter. Before training at the facility, the nonresident physician shall:
(1) Register with the board, on a form prescribed by the board, indicating the:
(a) Physician who shall directly supervise the nonresident physician;
(b) Purpose of the training; and
(c) Length of time anticipated for the training;
(2) Provide evidence to the board that the nonresident physician possesses malpractice insurance; and
(3) Pay to the board a fifty-dollar fee.
For the purposes of this section, "direct supervision" means that the supervising physician is physically present and readily available in the same facility as the nonresident physician.