(a) The responsibility for the proper operation of the Government health insurance plan, which plan shall for purposes of this subchapter also include and authorize a life insurance plan, and for making effective the provisions of this subchapter is hereby vested in a board of trustees. The members of the Government Employees' Service Commission shall serve ex officio as the Health Insurance Board of Trustees (hereinafter in this subchapter referred to as the “Board”). Trustees shall receive $20 for each day or part thereof spent in work of the Board, but no member shall receive more than $500 in any fiscal year. Trustees shall also be reimbursed for all necessary expenses that they may incur through service on the Board.
(b) The Board, subject to the provisions of this subchapter, is hereby empowered to adopt rules and regulations relating to:
(1) the eligibility of (a) active and (b) retired employees of the Government of the United States Virgin Islands to participate in the health insurance plan authorized by this subchapter,
(2) the terms and conditions of the insurance contract or contracts, as applied to (a) active employees and (b) retired employees,
(3) the purchase of such insurance contract or contracts and the administration of the health insurance plan, and
(4) contracting with a third party administrator to administer a self-funded health insurance plan.
(c) The Board shall create an advisory committee of seven (7) members, which shall meet at least twice each year to advise and assist the Board in carrying out its functions and responsibilities under this subchapter and to review from time to time the health insurance plan. One of such members shall be the Director of the Office of Management and Budget; one shall be the Commissioner of Health; one shall be the Director of the Personnel; one shall be the Chief Executive Officer of the Roy L. Schneider Hospital; one shall be the Chief Executive Officer of the Juan F. Luis Hospital and the remaining three members shall be appointed by the Board for terms of two years. Two of such members appointed by the Board shall be employees enrolled in the health insurance plan. The committee shall select one of its members as chairman.