(a) (1) There is a Board for the Injured Workers’ Insurance Fund.
(2) The Board shall manage the business and affairs of the Fund as an instrumentality of the State in accordance with State law.
(b) The Board is the Board for the Company established under Title 24, Subtitle 3 of the Insurance Article.
(c) Members of the Board that were appointed to the Board as of October 1, 2012, shall:
(1) continue to serve their current terms on the Board; and
(2) serve on the Board for the Company under the same terms and conditions as if they were appointed to the Board for the Company under Title 24, Subtitle 3 of the Insurance Article.
(d) The Board:
(1) shall be subject to the rules, bylaws, and procedures that the Board for the Company adopts under Title 24, Subtitle 3 of the Insurance Article; and
(2) may adopt any policy to carry out this subtitle.