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ENGROSSED SENATE
BILL NO. 1085 By: Thompson and Hall of the
Senate
and
Wallace and Martinez of the
House
An Act relating to the Oklahoma Insurance Department;
creating the Insurance Department Pharm acy Benefits
Manager Revolving Fund; m aking fund continuing and
nonfiscal; stating sources of revenue; stating
purpose of fund; establishing procedures of
expenditures of monies accruing to the credit of the
fund; directing deposit of certain monies into the
fund; directing deposit of certain funds; directing
transfer; providing for codification; and declaring
an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 307.6 of Title 36, unless there
is created a duplication in numb ering, reads as follows:
A. There is hereby created in the State Treasury a revolv ing
fund for the Oklahoma Insurance Department, to be designated the
“Insurance Department Pharmacy B enefits Manager Revolving Fund”.
The fund shall be a continuing fund, not subject to fiscal year
limitation, and shall consist of any monies d eposited to the fund as
provided in subsection B of this section. All monies accruing to
the credit of the fund are hereby appropriated and may be budgeted
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and expended by the Department for the purpose of licensing,
regulating and investigating abuse, negligence, crim inal conduct, or
other violations of insurance laws and regulations, and ensuring
compliance with the same. 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 Enterp rise Services.
B. The Department shall deposit all the monies obtained from
the licensure and regulation of Pharmacy Benefits Manager s,
including, but not l imited to, any fees, fines, set tlement or
consent order proceeds, or other penalties assessed and c ollected
into the Insurance Department Pharmacy Benefits Manager Revolving
Fund created in subsection A of th is act. Provided, in each fiscal
year the first Five Hundred Thousand Dollars ($500,000.00) which
would otherwise have been deposited to this fund shall be
transferred to the General Revenue Fund.
SECTION 2. It being immediately necessary for the preservation
of the public peace, healt h or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage an d approval.
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Passed the Senate the 7th day of March, 2022.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2022.
Presiding Officer of the House
of Representatives