Bill No. 726 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 that insurers must submit a written offer of settlement or rejection of the claim within sixty days of receiving the proof of loss. The bill also outlines the conditions under which either party may be considered the prevailing party in a judgment, including the allowance of costs and attorney fees.

A significant insertion in the bill specifies that the provisions regarding prevailing parties and interest on judgments 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.