There is a Board for the Injured Workers’ Insurance Fund. The Board shall manage the business and affairs of the Fund as an instrumentality of the State in accordance with State law. The Board consists of the following members: the State Treasurer, or the State Treasurer’s designee; and the two members appointed to the Board for the Company by the Governor in accordance with § 24–307(b)(1)(i) of the Insurance Article. The terms of the members of the Board described under paragraph (1)(ii) of this subsection are the same as the members’ terms on the Board for the Company. The Board shall adopt rules, bylaws, policies, and procedures to carry out this subtitle.