1. A. There is hereby created in the State Treasury a revolving fund to be known as the "Captive Insurance Regulatory and Supervision Revolving Fund". The fund shall be a continuing fund not subject to fiscal year limitations and shall be used for the purpose of providing the financial means for the Insurance Commissioner to administer the Oklahoma Captive Insurance Company Act and for reasonable expenses incurred in promoting the captive insurance industry in the state. Ten percent (10%) of the taxes collected by the Department, pursuant to the Oklahoma Captive Insurance Company Act, and all fees and assessments received by the Department, pursuant to the administration of the Oklahoma Captive Insurance Company Act, shall be credited to this fund. All fees received by the Department from reinsurers who assume risk solely from captive insurance companies shall be deposited into the Captive Insurance Regulatory and Supervision Revolving Fund. Ninety percent (90%) of the taxes collected by the Department pursuant to the Oklahoma Captive Insurance Company Act and all fines and administrative penalties levied pursuant to the Oklahoma Captive Insurance Company Act shall be paid to the State Treasurer to be placed to the credit of the General Revenue Fund to be paid out pursuant to direct appropriation by the Legislature.
2. B. All payments from the Captive Insurance Regulatory and Supervision Revolving Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants after receipt of proper documentation regarding services rendered and expenses incurred.

Added by Laws 2004, HB 2141, c. 334, § 31, emerg. eff. May 25, 2004.