"This model law establishes clear rules for the sale of pet insurance and provides important disclosures to pet owners interested in purchasing this product," Beth Dwyer, superintendent of insurance for the Rhode Island Department of Business Regulation, said. (Credit: Brian Jackson/AdobeStock)
Members of the National Association of Insurance Commissioners (NAIC) passed a pet insurance model act, which institutes regulatory standards for pet coverage including consumer protections, rules for preexisting conditions and training requirements. States would still need to adopt the model law either as written or in a modified form.
"This model law establishes clear rules for the sale of pet insurance and provides important disclosures to pet owners interested in purchasing this product," Beth Dwyer, superintendent of insurance for the Rhode Island Department of Business Regulation, said in a release. "Now, it is up to the states to see if they would like to adopt or modify the model law for this regulatory framework to be in effect."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
