A physician who holds an unrestricted license to practice medicine or osteopathy in another state is not required to obtain a license from the State Board of Medical and Osteopathic Examiners to receive training, for a period of ninety days or less, at a facility in this state under the direct supervision of a physician licensed in good standing in accordance with this chapter. Before training at the facility, the nonresident physician shall: (1) Register with the board, on a form prescribed by the board, indicating the: (a) Physician who shall directly supervise the nonresident physician; (b) Purpose of the training; and (c) Length of time anticipated for the training; (2) Provide evidence to the board that the nonresident physician possesses malpractice insurance; and (3) Pay to the board a fifty-dollar fee. For the purposes of this section, "direct supervision" means that the supervising physician is physically present and readily available in the same facility as the nonresident physician.