The amount payable for each loss shall be determined by the Administrator. Payment of claims shall be made as funds are available and upon the approval of the Administrator. Final payment shall not be made until a loss affidavit and a release of all claims has been properly executed and the covered entity has complied with all procedures for claim payment as set forth in the Annual Statement of coverage. On a loss where the property covered is to be replaced under the terms of the Annual Statement of Coverage, and a final settlement has been reached, the Administrator reserves the right to require that the covered entity be paid only that portion of the actual cash value until the property suffering the loss has been put back whole. At that time, all remaining settlement funds will be released.

1. (1) The Risk Management Department shall:

   1. (A) Acquire a release of all claims and a loss affidavit by the chief administrative officer or other authorized official of the agency where a property loss has occurred; or.
   2. (B) Acquire an attestation from the chief administrative officer of the agency where a property loss has occurred that the agency does not intend to replace the property loss and will accept actual cash value in lieu of replacement; and,
   3. (C) Forward a request for a warrant for either replacement value or actual cash value to be issued reflecting all approval(s) necessary under the rules and regulations contained in 260:70-11.

2. (2) The Division of Central Accounting and Reporting of the Office of Management and Enterprise Services shall:

   1. (A) Review all documents and ensure that payment of the claim complies with all applicable procedures, rules, and laws; and,
   2. (B) Issue a warrant, such warrant and subsequent endorsement serving as indicia for proof of payments of a property loss.

Added at 31 Ok Reg 1467, eff 9-12-14

Amended at 33 Ok Reg 774, eff 8-25-16