To assist the director to carry out the provisions of section 375.016, there shall be an “Advisory Board on Licensing and Examination of Insurance Producers” consisting of nine insurance producers duly licensed by the state of Missouri. An insurance producer to be eligible for service on the state board on examinations shall be a citizen of the United States and a licensed resident insurance producer. Members of the board shall be appointed by the director. The director shall appoint four members for two-year terms and five members for three-year terms. Membership on the board shall terminate for failure to meet any of the qualifications for eligibility, death, disability, inability to serve or resignation, absence from two consecutive regular meetings without acceptable excuse filed in writing to the board, or removal by the director. The board shall meet regularly at a place designated by the director within the state of Missouri at least annually and whenever deemed necessary by the director. At the regular meeting the board shall elect officers and transact any other such business as may properly come before the board. Five members shall constitute a quorum. The officers of the board shall consist of a chairman and vice chairman elected for a term of one year. The chairman, or in the event of his inability to serve, the vice chairman, shall preside at all meetings of the board, appoint committees, and perform the usual duties of such office. The board shall appoint a secretary who shall be a member of the board. The secretary shall keep correct minutes of all meetings of the board, furnishing a copy to each member and the director, mail notices of all meetings no less than ten days in advance thereof, and otherwise perform the usual duties of such office. The board shall make recommendations, including, but not limited to, the approval of any educational or trade organizations and insurance companies, and any other matter that pertains to the insurance producer continuing education requirements. The board shall seek at all times to maintain and increase the effectiveness of examinations for insurance producer licenses and shall advise and consult with the director with respect to the preparation and the conduct of insurance producer examinations. The board shall recommend such changes as may expedite or improve any phase of the examination procedure or the method of conducting examinations. The board shall receive suggestions regarding the examination for consideration and discussion. The board shall make rules and determine procedure, with the approval of the director, in reference to other matters which may properly come before a board on examinations. Each member of the board on beginning his or her term of office shall file with the director a written pledge of faithful and honorable performance. The members of the board shall receive no compensation or expenses in connection with the performance of their duties.