Bill > HB2957

This bill amends Oklahoma's insurance law by modifying Section 3629, which governs how insurers handle proof of loss and claim settlements. Specifically, the bill maintains existing provisions that require insurers to provide proof of loss forms upon request and submit a written settlement offer or claim rejection within 60 days. The key change is the addition of a new subsection specifically addressing property insurance claims, which limits two previously existing provisions: courts will no longer be allowed to award attorney fees to the prevailing party in property insurance claims, and courts cannot add 15% annual interest to verdicts in these cases. Currently, in non-property insurance claims, the prevailing party could receive attorney fees, and if the insured won, the court would add 15% annual interest from the original loss date to the verdict date. The bill sets its effective date as November 1, 2026, giving insurers and the legal system ample time to prepare for these changes.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2957&Session=2600