California sets disclosure guidelines for pet insurance
News from PropertyCasualty360:

California has passed a unique bill requiring pet insurers to disclose a breadth of baseline information to consumers, a practice that, according to the California Assembly, has been widely disregarded at the expense of pet owners.

The new bill, sponsored by Assemblyman Matt Dababneh, requires insurers to communicate their underwriting practices to pet owner’s such as taking into account the number of claims made, insurance limits, and if the policy excludes coverage due to a pre-existing condition or hereditary disorder.

The bill also gives consumers a “free look” period, where they can return their policy within 30 days for a full refund.

“California consumers will now have greater protection when they purchase pet insurance,” said California Insurance Commissioner Dave Jones. “In the state with the largest number of insured pets, once again California is leading the way by becoming the first state in the nation to enact a law that adds consumer protections to this rapidly growing line of insurance. I would like to thank Governor Brown for signing our bill and giving Californians piece of mind when it comes to protecting their pets.” 

The bill, which was signed into law by Governor Jerry Brown on Sept. 30, is expected to give pet owners a better understanding of their policies, including strict definitions of what constitutes a pre-existin…………… continues on PropertyCasualty360

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