(1) The board shall annually elect from its members a chair and vice chair.
(2) A majority of the board shall constitute a quorum for the transaction of business at any board meeting.
(3) The director of the division of regulatory boards in the department of commerce and insurance or the director's designee shall serve as secretary of the board and shall perform all administrative functions for the board.
(4) The duties of the board shall be to conduct or cause to be conducted examinations of applicants and to make and declare the policy of the board.
(5) The board is authorized to promulgate rules that are reasonably necessary to effectuate this chapter. The rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.