Insurance Department Anti-Fraud Revolving Fund

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Insurance Department, to be designated the

"Insurance Department Anti-Fraud Revolving Fund". The fund shall be

a continuing fund, not subject to fiscal year limitation, and shall

consist of any monies designated to the fund as provided in

subsections B and C of this section. 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. The fund shall be used for the

purpose of administering investigations of abuse, negligence or

criminal conduct regarding insurance laws or regulations.

B. The Department shall deposit all of the monies obtained as a

result of insurance-related crimes, and other fines, late fees, and

penalties assessed and collected into the Insurance Department Anti-

Fraud Revolving Fund.

C. Each year, the Department shall transfer to the General

Revenue Fund the first Four Hundred Eighty-two Thousand Five Hundred

Dollars ($482,500.00) collected by the Department and deposited in

the Insurance Department Anti-Fraud Revolving Fund. The next Five

Hundred Thousand Dollars ($500,000.00) collected by the Department

each year shall be divided evenly between the Department and the

Oklahoma Attorney General. All collections to be submitted to the

Attorney General shall be deposited in the Attorney General's

Insurance Fraud Unit Revolving Fund. Any collections above Nine

Hundred Eighty-two Thousand Five Hundred Dollars ($982,500.00) shall

be deposited each year into the Insurance Department Anti-Fraud

Revolving Fund and shall be retained for use by the Department for

the purposes of administering investigations of abuse, negligence or

criminal conduct regarding insurance laws or regulations.