The Governor, with the advice and consent of the Senate, shall appoint an Insurance Commissioner, who shall hold office for the term of four years and until his successor is appointed and qualified. The Insurance Commissioner in office at the date of the approval of this act shall, until the expiration of his present term of office or until his successor is appointed, hold the office of Insurance Commissioner created by this act, subject to removal by the Governor.
40 P.S. § 42