(a) There is established a board of directors to administer the fund. The board of directors of the fund shall consist of five (5) members to be appointed by the governor, from a list submitted by the secretary of state, as follows:

1. (1) one (1) provider;
2. (2) two (2) residents;
3. (3) one (1) individual with expertise in insurance; and

4. (4) one (1) individual with expertise in banking and finance.

   In addition, the commissioner shall serve as an ex officio member of the board. Directors shall serve such terms as are established in the plan of operation under section 15 of this chapter.

(b) Members of the board of directors are not entitled to compensation for their services. However, each member is entitled to the following:

1. (1) Reimbursement for traveling and other expenses incurred as members of the board, as provided in the state travel policies and procedures, established by the Indiana department of administration and approved by the budget agency.

2. (2) Reimbursement for expenses related to one (1) meal provided each year in connection with the board's annual meeting.

   As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.177-1991, SEC.9.