HB2788 Summary

• Amends 36 O.S. 2011, Section 1250.7 to modify property and casualty insurance claim procedures and timelines

• Requires insurers to advise claimants of claim acceptance or denial within 45 days of receiving proper proofs of loss; allows 20-day extension during weather-related catastrophes or major natural disasters

• Establishes 60-day investigation completion deadline (120 days maximum, except for fraud/arson investigations), with notice requirements if more time is needed

• Mandates that mortgagees holding claim funds release them to insured claimants within 10 days of receiving proof that repairs are complete; prohibits requiring repairs to unaffected property

• Requires insurers or mortgagees to issue 50% of claim funds directly to insured claimants when property damage losses exceed $20,000 to cover contractor payments and repair materials