(1) There is hereby created in the State Treasury, the Life Insurance Reserve Fund. Except as otherwise provided by law, all contributions, appropriations, transfers, dividend payments, and investment income of the fund received from or for the benefit of the life insurance plan administered by the Office of Management and Enterprise Services shall be deposited in the reserve fund.
The monies in said reserve fund shall be invested by the Oklahoma Employees Insurance and Benefits Board in the manner specified in Section 1305.1 of this title. The Board shall have responsibility for management of the fund.
Money payable to the claims administrator and all expenses in connection with the life insurance plan shall be paid from the reserve fund.
(2) All monies in the Life Insurance Reserve Fund that are reserves for the health and dental plans administered by the Office of Management and Enterprise Services shall be transferred to the Health and Dental Insurance Reserve Fund on July 1, 1989.
Added by Laws 1988, c. 165, § 13, operative July 1, 1988. Amended by Laws 1989, c. 318, § 11, operative July 1, 1989; Laws 1991, c. 263, § 10, operative July 1, 1991; Laws 2012, c. 304, § 955.