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 of receipt.

The bill also outlines the conditions under which a party is considered the prevailing party in legal judgments related to insurance claims. Specifically, it states that if the judgment does not exceed the insurer's written offer of settlement, the insurer is deemed the prevailing party. Conversely, in all other cases, the insured is the prevailing party and is entitled to interest on the verdict at a rate of fifteen percent per year from the date the loss was payable until the date of the verdict. Notably, the bill includes an exception stating that this provision does not apply to uninsured motorist coverage or property insurance as defined in Section 704 of the title. The act is set to take effect on November 1, 2025.