(a) An insurance company’s directors shall choose one of the directors to serve as the company’s president.
(b) Other officers of the insurance company shall be chosen in accordance with the company’s bylaws. An officer other than the president is not required to be a director or a shareholder unless such a qualification is required by the company’s bylaws or articles of incorporation.

(c) An insurance company’s officers shall perform duties, receive compensation, and provide security as stated in the company’s bylaws.