A. The Insurance Commissioner of the State of Oklahoma, in addition to the other powers and duties vested in the Commissioner, shall be authorized to relocate the Oklahoma Insurance Department's Oklahoma City offices to a single site in Oklahoma County, including but not limited to a tract of land located along the Lincoln Boulevard Corridor owned by the Commissioners of the Land Office of the State of Oklahoma, as Trustees of the Land Office Trust.

B. The new office location shall be occupied by the Oklahoma Insurance Department and shall consist of sufficient square footage to accommodate staff offices, program areas, staff conference areas, records and computer areas, general storage areas, security equipment storage areas, main room, reception area and other necessary areas for operation of the Insurance Department.

C. The Insurance Commissioner is authorized to purchase a building, for no more than the appraised value, to serve as the new office location, or in the alternative, the Insurance Commissioner is authorized to enter into a lease-purchase agreement for the acquisition of such building with the person or entity that will develop or build the building. For the purposes of the purchase or build-out of the new office location, the Insurance Department is hereby exempted from the requirements under the Public Competitive Bidding Act of 1974 provided in Sections 101 through 139 of Title 61 of the Oklahoma Statutes, provided that no funds used for such purchase or build-out come from the General Revenue Fund, and the expenditure of all funds is overseen and approved by both the Oklahoma Insurance Department and the Commissioners of the Land Office.

Added by Laws 2018, c. 162, § 1, eff. Nov. 1, 2018.