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. 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 laws of this state and the rules of the Insurance Department except that the revolving fund shall not include:

   1. a. premium taxes,
   2. b. monies transferred to the Attorney General’s Insurance Fraud Unit Revolving Fund pursuant to Section 362 of this title, and
   3. c. funds paid to and collected pursuant to the Oklahoma Real Estate Appraisers Act, Section 858-700 et seq. of Title 36 of the Oklahoma Statutes.
2. 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 State Finance.

C. The State Treasury is authorized and directed to deduct from the funds paid into the Insurance Commissioner Revolving Fund after the effective date of this section a sum equal to seventy-six and one half percent (76.5%) of such payment and place the same to the credit of the General Revenue Fund of the state. The remainder of said funds so paid and collected shall by the State Treasurer be placed to the credit of the State Insurance Commissioner Revolving Fund.

Historical Data Laws 2009, HB 1275, c. 432, § 1, emerg. eff. July 1, 2009.