Insurance; offer of settlement; rejection of claim; exemption; effective date.

HB 2632 requires Oklahoma insurers to send a written settlement offer or claim rejection within 60 days of receiving an insured's completed claim documentation. If an insured wins a court case, they receive 15% annual interest on the award from when the loss was payable under the policy, but this does not apply to uninsured motorist or property insurance claims. The law changes which party is considered "prevailing" in court: insurers win if the judgment is less than or equal to their written offer, otherwise insureds win. The bill takes effect November 1, 2025.