Oklahoma House Bill HB2118

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21
• Refer: 2/22/21

Caption

Insurance; claims; roof; unfair practices; effective date.

Impact

If enacted, HB 2118 would significantly influence state law surrounding the handling of insurance claims. It would amend existing insurance regulations to bolster consumer protections for homeowners, specifically those experiencing roof damage. This reform is expected to enhance policyholder rights and create a more equitable claims process in Oklahoma, allowing for greater flexibility concerning the submission timeline of claims related to residential roofing.

Summary

House Bill 2118 aims to protect homeowners in Oklahoma regarding insurance claims related to roof damage. It prohibits insurers from requiring policyholders to submit claims for roof damage within three years of the incident. The bill explicitly recognizes that denying a claim based solely on the timing of the submission, provided it is made within the three-year window, constitutes an unfair claims settlement practice. Such protections are intended to ensure that homeowners are not unfairly penalized or pressured by insurance companies regarding the timeliness of their claims submissions.

Contention

While the bill is generally perceived as a consumer-friendly measure, there may be contention regarding its impact on insurance companies. Some industry representatives could argue that extending the window for claims could lead to increased costs and potential fraud. Additionally, there may be opposing viewpoints from stakeholders concerned about balancing consumer protection with the need for insurers to operate within a sustainable business model. Overall, the discussions surrounding HB 2118 may reflect broader themes of regulatory reform and consumer rights in the insurance industry.