The oversight committee shall adopt rules governing the waiver of the conflict-of-interest requirements of this chapter under exceptional circumstances for an oversight committee member, program integration committee member, peer review committee member, or institute employee. The rules must:
(1) authorize the chief executive officer or an oversight committee member to propose granting a waiver by submitting to the oversight committee's presiding officer a written statement about the conflict of interest, the exceptional circumstance requiring the waiver, and any proposed limitations to the waiver;
(2) require a proposed waiver to be publicly reported at an oversight committee meeting;
(3) require a majority vote of the oversight committee members present and voting to grant a waiver;
(4) require any waiver granted to be included in the annual report required by Section 101A.053; and
(5) require the institute to retain documentation of each waiver granted.