If an insurer does not settle a claim within 90 days after receiving satisfactory proof of loss in Oklahoma, what is the penalty?

In Oklahoma, if an insurer fails to settle a claim within 90 days after receiving satisfactory proof of loss, the penalty is indeed 15% interest on the judgment until payment is made. This provision is intended to ensure that insurers handle claims in a timely manner and to incentivize them to process claims without unnecessary delays. By imposing a substantial interest rate on the judgment amount, it serves as a deterrent against prolonged claim settlement processes and protects the rights of the insured.

This rule emphasizes the importance of insurers acting promptly and fairly in processing claims, ensuring that policyholders receive the compensation they deserve without undue delay. The 15% interest acts as both a punitive measure for the insurer and a means to compensate the insured for the time value of their money lost due to the delay in receiving their rightful claim amount.