HB2994 Summary

• Amends 36 O.S. 2011, Section 307.3 to modify the State Insurance Commissioner Revolving Fund by excluding specific categories of collected monies from the fund.

• Excludes from the revolving fund: premium taxes, monies transferred to the Attorney General's Insurance Fraud Unit Revolving Fund, funds from the Oklahoma Certified Real Estate Appraisers Act, health carrier access payments, recoveries from insurance-related crimes and related fines/fees, and monies collected for or received from the Workers' Compensation Commission.

• Requires 76.5% of funds collected by the Insurance Commissioner to be deposited into the General Revenue Fund, with the remaining 23.5% credited to the State Insurance Commissioner Revolving Fund.

• Becomes effective November 1, 2014.