Oklahoma § 36-307.3 - State Insurance Commissioner Revolving Fund

§ 36-307.3. State Insurance Commissioner Revolving Fund

A. Effective July 1, 2009, there is hereby created in the State

Treasury a revolving fund for the Insurance Commissioner called the

State Insurance Commissioner Revolving Fund. The revolving fund

shall be used to fund the operations of the Office of the Insurance

Commissioner.

1. Notwithstanding any other law to the contrary, the revolving

fund shall consist of and consolidate all funds that are or have

been paid or collected by the Insurance Commissioner pursuant to the

Oklahoma Statutes - Title 36. Insurance

laws of this state and the rules of the Insurance Department except

that the revolving fund shall not include:

a.

premium taxes,

b.

monies transferred to the Attorney General's Insurance

Fraud Unit Revolving Fund pursuant to Section 362 of

this title,

c.

funds paid to and collected pursuant to the Oklahoma

Certified Real Estate Appraisers Act, Sections 858-700

through 858-732 of Title 59 of the Oklahoma Statutes,

d.

health carrier access payments paid to and collected

by the Insurance Commissioner and deposited into the

Health Carrier Access Payment Revolving Fund,

e.

recoveries obtained as a result of insurance-related

crimes, and other fines, late fees, and penalties

assessed and collected, and

f.

monies collected for or received from the Workers'

Compensation Commission.

2. The revolving fund shall be a continuing fund, not subject

to fiscal year limitations. Expenditures from the revolving fund

shall be made pursuant to the laws of this state and the statutes

relating to the Insurance Department. Warrants for expenditures

from the revolving fund shall be drawn by the State Treasurer, based

on claims signed by an authorized employee or employees of the

Insurance Department and filed with the Director of the Office of

Management and Enterprise Services.

B. All funds collected by the Insurance Commissioner shall be

paid into the State Treasury weekly.

C. After the effective date of this act, the State Treasury is

authorized and directed to deduct from the funds paid or collected

by the Insurance Commissioner a sum equal to seventy-six and onehalf percent (76.5%) of the payment and place the same to the credit

of the General Revenue Fund of the state. The State Treasurer shall

place to the credit of the State Insurance Commissioner Revolving

Fund the remainder of the funds so paid and collected by the

Insurance Commissioner.

Added by Laws 2009, c. 432, § 1, eff. July 1, 2009. Amended by Laws

2010, c. 222, § 3, eff. Nov. 1, 2010; Laws 2010, c. 300, § 5; Laws

2011, c. 360, § 1; Laws 2012, c. 304, § 122; Laws 2014, c. 183, § 1,

eff. Nov. 1, 2014.