Insurance; providing certain exception. Effective date.

Oklahoma Senate Bill 726 amends insurance claim procedures by requiring insurers to provide proof of loss forms upon written request and to submit a settlement offer within 60 days of receiving the completed form. It establishes that if an insured wins a court case, they receive 15% annual interest on the claim amount from when the loss was payable until the verdict, while insurers win interest if the court judgment doesn’t exceed their settlement offer. The law applies to most insurance claims but excludes uninsured motorist coverage and property insurance. This bill directly affects policyholders filing claims and insurers handling those claims in Oklahoma.