Bill No. 1050 amends the Unfair Claims Settlement Practices Act in Oklahoma, specifically targeting the actions of insurers that constitute unfair claim settlement practices. The bill reduces the allowable time for insurers to request refunds from claimants and healthcare providers from twelve months to six months, and from eighteen months to twelve months, respectively. Additionally, it clarifies that insurers cannot request refunds if the payment was made due to fraud or if the claimant has agreed to refund for overpayment. The bill also emphasizes the importance of maintaining a complete record of complaints received by insurers over the past three years.

The bill further outlines various unfair practices by insurers, including failing to disclose pertinent information to claimants, misrepresenting facts, and not attempting to settle claims in good faith. It also includes provisions related to health insurance, such as requiring insurers to consider preauthorization when denying claims for healthcare services. The act is set to take effect on November 1, 2025, following its passage in the Senate.

Statutes affected:
Introduced: 36-1250.5
Floor (Senate): 36-1250.5
Engrossed: 36-1250.5