New York Moves to Regulate Pet Insurance Industry in the State | Insurify
The law requires pet insurers operating in
"This bill ensures that there are standards within the [pet insurance] industry that have already been adopted in other states," Assemblywoman
The bill passed both houses of the state legislature in the legislative session that ended in June and is waiting on Gov.
New law's provisions
The new law establishes uniform definitions for pet insurance terms and a number of disclosure requirements, including whether a policy excludes pre-existing conditions, hereditary disorders, congenital anomalies, or chronic conditions.
Additionally, the legislation:
Requires insurers to disclose waiting periods, deductibles, co-insurance amounts, annual or lifetime policy limits, and whether an insurer reduces coverage or raises premiums based on claim history, pet age, or a change in location.Provides a 30-day refund period for new policies.Bans waiting periods for accident coverage and limits waiting periods for illnesses and orthopedic conditions to 30 days. Insurers must also provide a waiting period waiver if the insured pet has a medical exam.Prohibits requiring a medical exam for policy renewals.Requires insurers to disclose their benefit schedules and how they calculate usual and customary fees if those are part of their reimbursement policy.Bans insurers from marketing wellness programs as part of pet insurance. Insurers also can't make participation in a wellness plan a condition for getting pet insurance.
Impact on pet owners
Hunter, who currently serves as vice president of the
NAPHIA believes "that effective regulation will provide standards leading to increased certainty for pet-owning consumers, policy-holders, and the pet insurance marketplace," Bell said. "Regulation can help grow the marketplace for pet insurance because it fosters an environment that leads to increased competition and the development of more innovative pet insurance products to suit the needs of many different pet owners and their pets."
At the end of 2023,
What's next
"I encourage all cat and dog owners to get pet insurance," Hunter said. "A bigger pool will help in assessing and mitigating risks. Most pet owners, like myself, see their pets as a member of their family. We would never want our children or other loved ones to go uninsured, and pet insurance is an easy way to have the same peace of mind when it comes to our pets."
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