Bill No. 726, introduced by Senator Reinhardt and Representative Tedford, amends Section 3629 of Title 36 of the Oklahoma Statutes, which pertains to forms of proof of loss in insurance claims. The bill mandates that insurers must provide forms of proof of loss upon written request from the insured but clarifies that insurers are not responsible for how these forms are completed. Additionally, it establishes a timeline for insurers to respond to proof of loss submissions, requiring them to make a written offer of settlement or rejection within sixty days. The bill also outlines the conditions under which either party may be considered the prevailing party in a judgment, with specific provisions for interest on the verdict.

A significant insertion in the bill specifies that the provisions regarding prevailing parties and interest do not apply to uninsured motorist coverage or property insurance as defined in Section 704 of the title. The bill is set to take effect on November 1, 2025, following its passage in the Senate on March 24, 2025.