OK HB2144

Creates the "Insurance Consumers Protection Act" establishing statutory causes of action for first-party claimants and third-party beneficiaries to sue insurers for bad faith refusal or untimely payment of benefits

Defines "bad faith" as insurer conduct violating the duty of good faith and fair dealing, including unreasonably or untimely refusing to pay valid claims; makes this duty nondelegable and voids policy provisions reserving discretion to insurers to interpret terms

Guarantees jury trials for bad faith claims with no requirement to exhaust administrative remedies with the Oklahoma Insurance Department before filing suit

Establishes three tiers of punitive damages: Category I (reckless disregard) capped at $100,000 or actual damages; Category II (intentional malice) capped at $500,000 or twice actual damages; Category III (life-threatening conduct) with unlimited punitive damages

Excludes workers' compensation claims from coverage and takes effect November 1, 2025