This bill amends Section 3629 of Title 36 of the Oklahoma Statutes, which pertains to the proof of loss and the settlement or rejection of claims in insurance contracts. The amendment clarifies the responsibilities of insurers regarding the provision of proof of loss forms and establishes a timeline for insurers to submit a written offer of settlement or rejection of claims within sixty days of receiving proof of loss. It also outlines the conditions under which costs and attorney fees are awarded to the prevailing party in a judgment, specifying that the insured is the prevailing party unless the judgment does not exceed the insurer's written offer of settlement.

Additionally, the bill introduces new provisions specifically for claims involving property insurance. It states that costs and attorney fees will not be allowable to the prevailing party in these cases, and the court will not add interest on the verdict. This new language aims to streamline the claims process for property insurance and delineate the financial implications for both insurers and insured parties. The act is set to take effect on November 1, 2026.