There is established within the Office of the Lieutenant Governor, the Division of Alternative Markets and International Reinsurance, which will be supervised by the Superintendent of Alternative Markets (“the SAM”). The Commissioner of Insurance, with the advice and consent of the Governor, shall appoint the SAM and determine the SAM's compensation. The SAM, with the consent of the Commissioner of Insurance, may appoint such assistants as necessary to perform such duties as the SAM determines. The SAM shall report to the Commissioner of Insurance.