A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Insurance Department, to be designated the “Insurance Department Pharmacy Benefits Manager Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitation, and shall consist of any monies deposited 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 and expended by the Department for the purpose of licensing, regulating and investigating abuse, negligence, criminal 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 Enterprise Services.

B. The Department shall deposit all the monies obtained from the licensure and regulation of Pharmacy Benefits Managers, pharmacy benefits managers including, but not limited to, any fees, fines, settlement or consent order proceeds, or other penalties assessed and collected into the Insurance Department Pharmacy Benefits Manager Revolving Fund created in subsection A of this 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.