1. The director may establish three or more divisions within the department to administer and enforce the laws of this state relating to insurance. The director shall establish at least one division, to be known as the “Division of Consumer Affairs”, which shall perform the functions of the consumer services section in addition to such other functions as may be assigned to it by the director. The director shall establish a division to be known as the “Division of Insurance Company Regulation”, which shall perform the functions of insurance company admissions and financial supervision, in addition to such other functions as may be assigned to it by the director, and a division to be known as the “Division of Insurance Market Regulation”, which shall perform the functions of rate and form regulation in addition to such other functions as may be assigned to it by the director.

2. Wherever the laws, rules or regulations of this state make reference to the “division of insurance” or to the “insurance division”, such references shall be deemed to refer to the department of commerce and insurance.