(b) (1) There shall be at least 11 directors on the Board.

(2) The directors shall be elected by the members of the Society in accordance with the articles of incorporation and bylaws of the Society.

(3) The bylaws of the Society shall provide that:

(i) not more than five directors may be licensed physicians;

(ii) at least two directors must have had substantial experience as an officer or employee of an insurer;

(iii) at least two directors must be officers and employees of the Society who are responsible for the daily management of the Society; and

(iv) the Board of Directors must consist of individuals who live in different geographical areas of the State.

(c) The Board of Directors governs the Society and exercises the corporate powers of the Society.