SB 726 Oklahoma Senate · 2025 Regular Session

Insurance; providing certain exception. Effective date.

Senate Bill 726 amends Oklahoma's insurance laws regarding how insurers process claims after receiving a proof of loss. The bill requires insurers to submit a written offer of settlement or a rejection of the claim to the insured within 60 days of receipt. It also establishes rules for awarding attorney fees and costs to the "prevailing party" if a judgment is rendered, defining the prevailing party based on the relationship between the judgment amount and any settlement offer. If the insured is the prevailing party, the court would add 15% annual interest to the verdict. These provisions, however, specifically do not apply to uninsured motorist coverage or property insurance claims.

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Apr 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Feb 3, 2025 Last action May 8, 2025

Maddy AI version diff · 3 comparisons

What changed between versions

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill was amended to move from the House version to the Senate floor version, incorporating committee amendments that clarify prevailing party status and interest calculations. The core policy changes include defining the insurer as the prevailing party when judgments do not exceed settlement offers, and establishing a 15% annual interest rate on verdicts when insureds prevail, except for uninsured motorist or property insurance cases.

Scope change

The bill's scope remains focused on insurance proof of loss procedures, but the Senate amendments clarify enforcement mechanisms and financial penalties for insurers who fail to meet settlement obligations.

REQUIREMENT

Added specific definition of 'prevailing party' to clarify which party receives costs and attorney fees in settlement disputes.

ENFORCEMENT

Established a 15% annual interest rate on verdicts when insureds prevail, with exceptions for uninsured motorist and property insurance coverage.

TIMELINE

Added Senate floor version date and committee report date to track legislative progress.

TECHNICAL

Changed document headers and formatting to reflect Senate floor version rather than House version.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 8, 2025

Lower · Passed

Amended

lower

Apr 16, 2025

Lower · Passed

CR; Do Pass Commerce and Economic Development Oversight Committee

lower

Apr 8, 2025

Lower · Passed

Policy recommendation to the Commerce and Economic Development Oversight committee; Do Pass Insurance

lower

Apr 1, 2025

Committee

Referred to Insurance

lower

Mar 25, 2025

Introduced

First Reading

lower

Mar 25, 2025

Upper · Passed

Engrossed to House

upper

Mar 24, 2025

Committee

Referred for engrossment

upper

Mar 24, 2025

Upper · Passed

Measure passed: Ayes: 40 Nays: 7

upper

Mar 6, 2025

Upper · Passed

Reported Do Pass Business and Insurance committee; CR filed

upper

Feb 3, 2025

Introduced

First Reading

upper

2 primary · 0 co-sponsors