628.723  Directors; number; election.--

(1)  The affairs of every mutual insurance holding company shall be managed by not less than five directors.

(2)  Directors must be elected by the members of the mutual insurance holding company at the annual meeting of members. Directors may be elected for terms of not more than 5 years each and until their successors are elected and have qualified, and, if to be elected for terms of more than 1 year, the mutual insurance holding company's bylaws shall provide for a staggered-terms system under which the terms of a proportionate part of the members of the board of directors will expire on the date of each annual meeting of members.

(3)  A majority of the directors must be citizens of the United States.

(4)  If so provided in a mutual insurance holding company's bylaws, a director of such mutual insurance holding company must be a policyholder thereof.