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Special Notice to Oklahoma Insurance Professionals
| To: |
All Property and Casualty Insurers Licensed in Oklahoma |
| From: |
Glen Mulready, Oklahoma Insurance Commissioner |
| Date: |
September 14, 2023 |
| Re: |
Insurance Adjuster’s Report and/or Claim Settlement Reports |
Purpose of This Notice
The Oklahoma Insurance Department (the “Department”) is issuing this special notice to all Property and Casualty insurers authorized to do business in this state. It has come to the attention of the Department that many mortgage companies will not endorse insureds’ claim payment checks until they receive documentation often referred to as an Insurance Adjuster’s Report, Claim Settlement Report, or claims statement or estimate. This has caused a significant delay in insureds receiving claim payments.
Pursuant to 36 O.S. § 1250.5(4), failing to effectuate prompt, fair and equitable settlement of a claim is considered an unfair claim settlement practice. Property and Casualty insurers authorized to do business in this state should include the needed documentation (Insurance Adjuster’s Report, Claim Settlement Report, or claims statement or estimate) when issuing claim settlement checks, if it is applicable to the claim.
Questions concerning this Special Notice should be directed to Bo Debose, Assistant General Counsel, at oidlegal@oid.ok.gov and Jason Johnston, Senior Claims Processor/Reviewer, at Jason.johnston@oid.ok.gov.
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