In order to discharge the responsibilities of the department, including the requirements of the Insurers Examination Act, there shall be appointed a sufficient staff of actuaries and examiners which shall include:

(1) One or more life insurance actuaries;

(2) One or more property and casualty insurance actuaries;

(3) One or more actuarial examiners;

(4) A chief financial examiner and one or more assistant chief financial examiners;

(5) One or more financial examiners;

(6) A chief market conduct examiner; and

(7) One or more market conduct examiners.

The examiners described in subdivisions (3) through (5) of this section hired after March 4, 2003, shall hold office at the will of the director and shall receive such salary as fixed by the director and approved by the Governor based upon the level of credentials for the positions. Each employee who is employed as an examiner on March 4, 2003, may elect to become employed at will. The election to become employed at will may be made at any time upon notification to the director in writing, but once made, such election shall be final. Until the election to be employed at will is made, the employee shall be treated as continuing participation in the State Personnel System.