From among its members, the Commission annually shall elect a chairman. The term of the chairman is 1 year. At the end of a term, the chairman may be reelected. The chairman shall perform the duties that this title and the Commission require. While in office, the chairman shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of the State Government Article.