Pet insurance bill aims to regulate industry in Calif.
News from KCRA Sacramento:

California could soon start regulating the small but growing market for pet insurance under proposed legislation.

A bill by Assemblyman Matt Dababneh, D-Los Angeles, would set guidelines for the largely unregulated pet insurance industry, according to the Sacramento Bee.

Former Gov. Arnold Schwarzenegger vetoed similar legislation, but the latest measure was approved 78-0 by the state Assembly and now awaits approval by the state Senate.

If the proposed legislation is signed by Gov. Jerry Brown, California would be the first state to impose basic requirements for pet insurance, said Patrick Storm, a spokesman for Insurance Commissioner Dave Jones, who supports the legislation.

“Pet insurance is still the Wild West, and that’s what we’re trying to rein in,” Storm said.

The legislation was prompted by increasing complaints to the state Department of Insurance about pet insurance policies that consumers say are confusing or sometimes misleading.

“Consumers weren’t confident in the product they were buying,” Dababneh said. “There’s obviously a big new opportunity for us here in California to once again lead the way.”

The legislation would make policies more transparent and give insurance regulators a greater ability to oversee the plans. Policyholders would get a 30-day trial period during which they would have the option to return…………… continues on KCRA Sacramento

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