Oklahoma Enacts Changes to the Unfair Claim Settlement Practices Statute
Oklahoma Enacts Changes to the Unfair Claim Settlement Practices Statute
Oklahoma Enacts Changes to the Unfair Claim Settlement Practices Statute
The Oklahoma State Legislature has enacted House Bill 3495 related to the unfair claims settlement practices statute. The Governor approved the bill on May 16, 2022, and it took effect immediately upon becoming law.
House Bill 3495 amends 36 O.S. §1250.5(7) by stating “any policy that specifies a time limit covering damage to a roof due to wind or hail must allow the filing of claims after the first anniversary but no later than twenty-four (24) months after the date of the loss, if the damage is not evident without inspection.”
To remind insurers about the changes in the law, the Oklahoma Insurance Department (OID) issued Bulletin No. 4-2022 on May 31, 2022. Questions related to the Bulletin should be directed to Jason Johnston, Consumer Assistance Division, at Jason.Johnston@oid.ok.gov, or Bo DeBose, Legal Division, at Bo.Debose@oid.ok.gov.