2022 Oklahoma Statutes
Title 36. Insurance
§36-312.1. Report, disbursement and appropriation of fees and taxes - Record and statement - Annual reports.

A. For the fiscal year ending June 30, 2004, the Insurance Commissioner shall report and disburse one hundred percent (100%) of the fees and taxes collected under Section 624 of this title to the State Treasurer to be deposited to the credit of the Education Reform Revolving Fund of the State Department of Education. The Insurance Commissioner shall keep an accurate record of all such funds and make an itemized statement and furnish same to the State Auditor and Inspector, as to all other departments of this state. The report shall be accompanied by an affidavit of the Insurance Commissioner or the Chief Clerk of such office certifying to the correctness thereof.

B. The Insurance Commissioner shall apportion an amount of the taxes and fees received from Section 624 of this title, which shall be at least One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) each year, but which shall also be computed on an annual basis by the Commissioner as the amount of insurance premium tax revenue loss attributable to the provisions of subsection H of Section 625.1 of this title and increased if necessary to reflect the annual computation, and which shall be apportioned before any other amounts, as follows:

1. The following amounts shall be paid to the Oklahoma Firefighters Pension and Retirement Fund in the manner provided for in Sections 49-119, 49-120 and 49-123 of Title 11 of the Oklahoma Statutes:

Fiscal YearAmount

FY 2006 through FY 202065.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 202065.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 202145.5%

FY 2022 and each fiscal year thereafter65.0%;

2. The following amounts shall be paid to the Oklahoma Police Pension and Retirement System pursuant to the provisions of Sections 50-101 through 50-136 of Title 11 of the Oklahoma Statutes:

Fiscal YearAmount

FY 2006 through FY 202026.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 202026.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 202118.2%

FY 2022 and each fiscal year thereafter26.0%;

3. The following amounts shall be paid to the Law Enforcement Retirement Fund:

Fiscal YearAmount

FY 2006 through FY 20209.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 20209.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 20216.3%

FY 2022 and each fiscal year thereafter9.0%; and

4. The following amounts shall be paid to the Education Reform Revolving Fund of the State Department of Education:

Fiscal YearAmount

FY 2021 as follows:

for the month beginning September 1, 2020, through the month ending June 30, 202130.0%.

C. After the apportionment required by subsection B of this section, for the fiscal years beginning July 1, 2004, and ending June 30, 2009, the Insurance Commissioner shall report and disburse all of the fees and taxes collected under Section 624 of this title and Section 2204 of this title, and the same are hereby apportioned as follows:

1. Thirty-four percent (34%) of the taxes collected on premiums shall be allocated and disbursed for the Oklahoma Firefighters Pension and Retirement Fund, in the manner provided for in Sections 49-119, 49-120 and 49-123 of Title 11 of the Oklahoma Statutes;

2. Seventeen percent (17%) of the taxes collected on premiums shall be allocated and disbursed to the Oklahoma Police Pension and Retirement System pursuant to the provisions of Sections 50-101 through 50-136 of Title 11 of the Oklahoma Statutes;

3. Six and one-tenth percent (6.1%) of the taxes collected on premiums shall be allocated and disbursed to the Law Enforcement Retirement Fund; and

4. All the balance and remainder of the taxes and fees provided in Section 624 of this title shall be paid to the State Treasurer to the credit of the General Revenue Fund of the state to provide revenue for general functions of state government. The Insurance Commissioner shall keep an accurate record of all such funds and make an itemized statement and furnish same to the State Auditor and Inspector, as to all other departments of this state. The report shall be accompanied by an affidavit of the Insurance Commissioner or the Chief Clerk of such office certifying to the correctness thereof.

D. After the apportionment required by subsection B of this section, the Insurance Commissioner shall report and disburse all of the fees and taxes collected under Section 624 of this title and Section 2204 of this title, and the same are hereby apportioned as follows:

1. Of the taxes collected on premiums the following shall be allocated and disbursed for the Oklahoma Firefighters Pension and Retirement Fund, in the manner provided for in Sections 49-119, 49-120 and 49-123 of Title 11 of the Oklahoma Statutes:

Fiscal YearAmount

FY 2006 through FY 202036.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 202036.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 202125.2%

FY 2022 36.0%

FY 2023 through FY 2027 37.8%

FY 2028 and each fiscal year thereafter36.0%;

2. Of the taxes collected on premiums the following shall be allocated and disbursed to the Oklahoma Police Pension and Retirement System pursuant to the provisions of Sections 50-101 through 50-136 of Title 11 of the Oklahoma Statutes:

Fiscal YearAmount

FY 2006 through FY 202014.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 202014.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 20219.8%

FY 2022 14.0%

FY 2023 through FY 2027 14.7%

FY 2028 and each fiscal year thereafter14.0%;

3. Of the taxes collected on premiums the following shall be allocated and disbursed to the Law Enforcement Retirement Fund:

Fiscal YearAmount

FY 2006 through FY 20205.0%

FY 2021 as follows:

a.for the month beginning July 1, 2020, through the month ending August 31, 20205.0%

b.for the month beginning September 1, 2020, through the month ending June 30, 20213.5%

FY 2022 5.0%

FY 2023 through FY 2027 5.25%

FY 2028 and each fiscal year thereafter5.0%;

4. The following amounts shall be paid to the Education Reform Revolving Fund of the State Department of Education:

Fiscal YearAmount

FY 2021 as follows:

for the month beginning September 1, 2020, through the month ending June 30, 202116.5%;

5. In addition to the allocations made pursuant to paragraphs 1, 2 and 3 of this subsection, of the taxes collected on premiums the following amounts shall be allocated and disbursed annually for FY 2023 through FY 2027:

• a.Forty Thousand Six Hundred Twenty-five Dollars ($40,625.00) to the Oklahoma Firefighters Pension and Retirement Fund,
• b.Sixteen Thousand Two Hundred Fifty Dollars ($16,250.00) to the Oklahoma Police Pension and Retirement System, and
• c.Five Thousand Six Hundred Twenty-five Dollars ($5,625.00) to the Oklahoma Law Enforcement Retirement Fund; and

6. All the balance and remainder of the taxes and fees provided in Section 624 of this title shall be paid to the State Treasurer to the credit of the General Revenue Fund of the state to provide revenue for general functions of state government. The Insurance Commissioner shall keep an accurate record of all such funds and make an itemized statement and furnish same to the State Auditor and Inspector, as to all other departments of this state. The report shall be accompanied by an affidavit of the Insurance Commissioner or the Chief Clerk of such office certifying to the correctness thereof.

E. The disbursements provided for in subsections A, B, C and D of this section shall be made monthly. The Insurance Commissioner shall report annually to the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate and the State Auditor and Inspector, the amounts collected and disbursed pursuant to this section.

F. Notwithstanding any other provision of law to the contrary, no tax credit authorized by law enacted on or after July 1, 2008, which may be used to reduce any insurance premium tax liability shall be used to reduce the amount of insurance premium tax revenue apportioned to the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Oklahoma Law Enforcement Retirement System or the Education Reform Revolving Fund.

Added by Laws 1957, p. 221, § 312.1, operative July 1, 1957. Amended by Laws 1957, p. 632, § 3, emerg. eff. May 31, 1957; Laws 1959, p. 133, § 1, emerg. eff. July 8, 1959; Laws 1963, c. 316, § 1, emerg. eff. June 19, 1963; Laws 1967, c. 43, § 1, emerg. eff. March 29, 1967; Laws 1969, c. 132, § 1, eff. July 1, 1969; Laws 1972, c. 58, § 1, emerg. eff. March 21, 1972; Laws 1975, c. 34, § 1, emerg. eff. March 25, 1975; Laws 1979, c. 30, § 10, emerg. eff. April 6, 1979; Laws 1981, c. 6, § 1, emerg. eff. March 19, 1981; Laws 1988, c. 83, § 4, emerg. eff. March 25, 1988; Laws 2003, c. 315, § 1, eff. July 1, 2003; Laws 2004, c. 368, § 54, eff. July 1, 2004; Laws 2005, c. 381, § 1, eff. July 1, 2006; Laws 2006, 2nd Ex. Sess., c. 46, § 17, eff. July 1, 2006; Laws 2008, c. 436, § 1, eff. July 1, 2009; Laws 2013, c. 165, § 5, eff. Nov. 1, 2013; Laws 2020, c. 16, § 1, eff. Sept. 1, 2020; Laws 2021, c. 489, § 1, eff. July 1, 2021.