The National Association of Insurance Commissioners recently passed a model pet insurance act, which is designed to establish regulatory standards for the pet insurance industry.

The NAIC notes that the pet insurance industry has grown in the past few years, with the number of pets insured in the US going up nearly 30% from 3.4 million to 4.4 million between 2020 and 2021.

The model law establishes guidelines for states to adopt or modify. Key elements of the act would make purchasing pet insurance more appealing for pet owners. They include:

• Consumer protections, including essential disclosures that allow pet owners to compare plans more easily.
• Limits on the denial of coverage for certain preexisting conditions.
• Clear language on how the insurer differentiates between pet wellness programs and non-wellness treatments to clear up confusion on coverage.
• Training requirements for insurance providers.

These guidelines can help pet owners decide if pet insurance is right for them, and which plan is the best fit for their own animal.

To learn more about choosing pet insurance, check out our blog article HERE.