Bill > A00724

This bill establishes comprehensive regulations for pet insurance policies in New York, creating new standards for coverage, disclosure, and consumer protection. The bill defines key terms like "pet insurance," "preexisting condition," and "veterinary expenses," and mandates that pet insurance policies cannot exclude coverage for pre-existing conditions, congenital anomalies, hereditary disorders, or chronic conditions. Insurers must prominently disclose all policy limitations, waiting periods, and exclusions, with specific requirements such as a maximum one-day waiting period for accident coverage and an annual deductible. The legislation requires policies to be continuous and transferable, prohibits premium increases based on claims history, and ensures that policy renewals cannot be denied due to claims history or the animal's age. The bill also includes consumer-friendly provisions like a mandatory 30-day "free look" period where policyholders can cancel and receive a full refund, requires insurers to provide clear online disclosures about claim payment methods, and prohibits limiting policyholders' legal remedies. Additionally, the bill establishes penalties for violations, with potential fines up to $10,000 for willful infractions, and gives the superintendent of insurance authority to oversee and enforce these new regulations, which will take effect on the thirtieth day after becoming law.

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https://www.nysenate.gov/legislation/bills/2025/A724