OK SB785

Amends 36 O.S. 2011, Sections 307.3 and 307.5 to modify the State Insurance Commissioner Revolving Fund and create the Insurance Department Anti-Fraud Revolving Fund

Changes the revenue split for insurance-related collections: 76.5% to General Revenue Fund and 23.5% to the State Insurance Commissioner Revolving Fund

Establishes the Insurance Department Anti-Fraud Revolving Fund to receive insurance fraud-related fines, penalties, and recoveries, with annual transfers of $482,500 to General Revenue and $500,000 split equally between the Department and Attorney General

Designates 25% of annual Section 362 fee collections to be transferred to the Attorney General's Insurance Fraud Unit Revolving Fund

Effective July 1, 2013, with emergency clause for immediate implementation