OK SB1597

Amends Title 36 (Insurance) of Oklahoma statutes to create and fund the Insurance Department Anti-Fraud Revolving Fund for investigating suspected insurance fraud.

Excludes certain fees from the State Insurance Commissioner Revolving Fund and directs them instead to the Anti-Fraud Fund, which retains collections above $982,500 annually for fraud investigations.

Requires insurers (including life, property and casualty, HMOs, and others) to pay an annual $750 fee ($187.50 quarterly until 2010, then single July 1 payment), with 25% transferred to the Attorney General's Insurance Fraud Unit Revolving Fund.

Modifies Section 362 to clarify that the $750 annual fee shall be paid to the Insurance Department Anti-Fraud Revolving Fund for investigation and prevention of insurance fraud.

Effective July 1, 2012, with emergency clause for immediate effect upon passage and approval.