Loading chat...

OK SB726

Bill

Official Source

Status

Engrossed

3/25/2025

Primary Sponsor

Aaron Reinhardt

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Amends 36 O.S. 2021, Section 3629 regarding insurance proof of loss requirements and claim settlement procedures
  • Requires insurers to submit a written settlement offer or claim rejection within 60 days of receiving proof of loss
  • Awards costs and attorney fees to the prevailing party in insurance claim judgments
  • Defines "prevailing party" as the insurer if judgment doesn't exceed the written settlement offer; otherwise the insured prevails
  • Adds 15% annual interest on verdicts for prevailing insureds, calculated from the date loss was payable to the verdict date, but excludes uninsured motorist coverage and property insurance from this provision
  • Effective date: November 1, 2025

Legislative Description

Insurance; providing certain exception. Effective date.

Last Action

Motion expired

5/8/2025

Committee Referrals

Insurance4/1/2025
Commerce and Economic Development Oversight4/1/2025
Business and Insurance2/4/2025

Full Bill Text

No bill text available