The entire expenses of administering "The State Insurance Fund" shall be paid out of such fund upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment. On or before the first day of June of each year, or as soon thereafter as possible, there shall be submitted to the Board of Managers of the State Insurance Fund, for approval, an estimated budget of expenses for the succeeding fiscal year. The State Insurance Fund Commissioner may not expend from the funds belonging to the State Insurance Fund for purposes of administering any sum in excess of the amount specified in such budget for any item of expense therein set forth unless such expenditure is authorized by the Board of Managers of the State Insurance Fund. In no event shall the entire expenses of administration of the State Insurance Fund, as authorized for the entire year, exceed twenty percent (20%) of the earned premiums of the year. The Board of Managers may use present value discounting at a rate of four percent (4%) for computing reserves. The Board of Managers shall cause to be made and completed within ninety (90) days after the end of each calendar year, an audit of the books of account and financial records of the fund for such calendar year, such audit to be made by an independent certified public accountant, a licensed public accountant, a firm of certified public accountants, or an accounting firm or individual holding a permit to practice accounting in this state. The audit shall be filed with the Director of State Finance in accordance with the requirements set forth for financial statement audits in Section 212A of Title 74 of the Oklahoma Statutes.

The Fund shall submit to the State Insurance Commissioner an annual financial statement in the same manner as a domestic insurance carrier. The Insurance Commissioner may audit the State Insurance Fund in the same manner as a domestic insurance company if an audit does not conflict with any specific provision contained herein. The State Insurance Fund Commissioner shall provide a copy of the annual financial statement to the Governor and State Insurance Fund Board of Managers.

Laws 1933, SB 151, c. 28, p. 62, § 1; Amended by Laws 1937, HB 69, p. 490, § 11, emerg. eff. May 14, 1937; Amended by Laws 1987, SB 180, c. 231, § 2, emerg. eff. July 1, 1987; Amended by Laws 1989, HB 1505, c. 291, § 10, emerg. eff. July 1, 1989; Amended by Laws 1992, HB 1830, c. 60, § 2, emerg. eff. July 1, 1992; Amended by Laws 1996, SB 1310, c. 363, § 9, eff. November 1, 1996 (superseded document available); Amended by Laws 1997, HB 1436, c. 2, § 24, emerg. eff. February 26, 1997 (superseded document available).