Bill > A1203

This bill, the "Pet Insurance Act," creates a comprehensive legal framework for the sale of pet insurance in the state of New Jersey. The key provisions include: - Defining important terms like "chronic condition," "congenital anomaly or disorder," "hereditary disorder," and "preexisting condition" to ensure consistent application of the law. - Requiring pet insurers to use the defined terms in their policies and make the definitions available on their websites. - Mandating detailed disclosures to consumers about policy exclusions, limitations, and claim payment methodologies. - Allowing pet insurers to issue policies with preexisting condition exclusions and waiting periods up to 30 days for illnesses or orthopedic conditions, but prohibiting waiting periods for accidents. - Regulating the sale of wellness programs to ensure they are not marketed as insurance. - Requiring insurance producers to complete training on pet insurance-related topics before selling these products. - Authorizing the Department of Banking and Insurance to enforce penalties for violations of the Act. The bill aims to promote the public welfare by creating a clear regulatory environment for the pet insurance industry in New Jersey.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A1203