(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 Chief Executive Officer of the Oklahoma Health Care Authority 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 Authority shall be transferred to the Life Insurance Reserve Fund on July 1, 1989.