(a) The board of directors of a mutual life insurance company shall elect the following officers for the company:
(1) a president;
(2) the number of vice presidents as required by the company's bylaws;
(3) a secretary;
(4) a treasurer;
(5) a medical director; and
(6) other officers as required by the company's bylaws.
(b) The board shall establish the compensation of each officer.
(c) The duties of each officer shall be prescribed by the company's bylaws.