Bill > SB726

This bill amends an existing Oklahoma insurance law (36 O.S. Section 3629) to modify provisions related to proof of loss and insurance claim settlements. Specifically, the bill adds an exception to the existing legal requirements for property insurance as defined in Section 704 of the state's insurance code. Under the current law, insurers must provide proof of loss forms upon request and submit a settlement offer or claim rejection within 60 days of receiving proof of loss. When a legal judgment is rendered, the law previously specified how attorney fees and interest would be allocated between the insurer and insured. The bill creates an exemption for property insurance claims from these specific legal provisions, which means property insurance claims may be treated differently in terms of settlement procedures and potential legal proceedings. The changes will take effect on November 1, 2025, giving insurers and stakeholders time to prepare for the new legal framework. This modification appears designed to provide more flexibility or different treatment for property insurance claims compared to other types of insurance claims.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb726&Session=2600