A. There is hereby created an office of property and casualty in the Department of Insurance. Such office shall be under the direction of the deputy commissioner for property and casualty who shall be appointed by the commissioner of insurance with consent of the Senate and who shall serve at the pleasure of the commissioner at a salary fixed by the commissioner, which salary shall not exceed the amount approved for such position by the legislature while in session. The deputy commissioner for property and casualty shall be directly responsible to and shall perform his functions under the supervision and control of the commissioner of insurance.
B. The duties and functions of the office of property and casualty and the deputy commissioner for property and casualty shall be the regulation of insurance rates, the review of insurance rates, the licensing of insurance rating organizations, and such additional duties and functions as are assigned by the commissioner.