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In the event the commissioner of commerce and insurance elects to make the fund operational pursuant to § 56-5-114, the existing board of directors shall terminate and a new board shall be appointed within sixty (60) days of the election.
The board of directors shall initially consist of seven (7) members who are knowledgeable concerning the workers' compensation system. The state treasurer shall be an ex officio member. Initially, the speakers of the senate and the house of representatives and the governor shall each appoint one (1) member for a two-year term and one (1) member for a three-year term. Each director shall hold office until a successor is appointed and qualifies. The board shall annually elect a chair from among its members and other officers it deems necessary for the performance of its duties.
Once the fund is operational and the commissioner of commerce and insurance certifies it as a fund able to effectively operate under this part and title 56, then on the next scheduled expiration of board members' terms:
The members shall be elected by policyholders; and
The state treasurer shall, on expiration of the treasurer's term, cease to be a member of the board.
The successor board shall consist of seven (7) members selected by policyholders for three-year terms.