Bill > S2034

This bill establishes a comprehensive legal framework for pet insurance in New Jersey, defining key terms and setting standards for how pet insurance policies can be marketed, sold, and structured. The legislation requires pet insurers to clearly disclose important policy details such as exclusions for preexisting conditions, hereditary disorders, congenital anomalies, and chronic conditions, as well as waiting periods and claim payment methods. Insurers must provide a detailed "Insurer Disclosure of Important Policy Provisions" document and prominently display contact information for both the insurer and the state Department of Banking and Insurance. The bill mandates that insurance producers selling pet insurance must be appropriately licensed and trained on specific topics like preexisting conditions and policy differences from wellness programs. Additionally, the legislation distinguishes between insurance and wellness programs, requiring that wellness programs be marketed separately and not be a requirement for purchasing pet insurance. The bill aims to promote transparency, protect consumers, and ensure that pet owners have clear, understandable information about their pet insurance coverage, with the New Jersey Department of Banking and Insurance authorized to establish and enforce penalties for violations.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S2034