Oklahoma HB2632 amends insurance contract rules to require insurers to submit written offers of settlement or rejections of claims within 60 days of.
Oklahoma HB2632 amends the state's insurance laws to mandate that insurers provide written offers of settlement or rejections of claims within 60 days of receiving proof of loss from insureds. This requirement applies to all insurance contracts except uninsured motorist coverage and property insurance. The bill also specifies that interest at a rate of 15% per year should be added to verdicts from the date the loss was payable to the date of the verdict, excluding uninsured motorist and property insurance. The changes will take effect on November 1, 2025.
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