(1) Except as otherwise provided by law, all employee and employer contributions, appropriations and dividend payments related to the health and dental plans administered by the Director of the Office of Management and Enterprise Services shall be deposited in a fund in the State Treasury which is hereby created and which shall be known as the Health and Dental Insurance Reserve Fund. The money in such fund shall be invested by the Oklahoma Employees Insurance and Benefits Board in the manner specified in Section 1305.1 of this title. Investment income of the fund shall be added to the fund. Money payable to the claims administrator and all expenses in connection with the plans shall be paid from the fund. The Board shall have responsibility for management of the fund.

(2) All monies in the Health and Dental Insurance Reserve Fund that are reserves for the life insurance plan administered by the Office shall be transferred to the Life Insurance Reserve Fund on July 1, 1989.

Added by Laws 1967, c. 374, § 12, emerg. eff. May 23, 1967. Amended by Laws 1970, c. 70, § 10, emerg. eff. March 17, 1970; Laws 1971, c. 297, § 1, operative July 1, 1971; Laws 1977, c. 261, § 8, emerg. eff. June 17, 1977; Laws 1982, c. 263, § 4, emerg. eff. May 14, 1982; Laws 1982, c. 333, § 11, emerg. eff. June 1, 1982; Laws 1986, c. 150, § 8, emerg. eff. April 29, 1986; Laws 1988, c. 165, § 11, operative July 1, 1988; Laws 1989, c. 318, § 9, operative July 1, 1989; Laws 1991, c. 263, § 9, operative July 1, 1991; Laws 2012, c. 304, § 953.