Bill > A01433

This bill provides a comprehensive framework for pet insurance in New York, establishing clear definitions, disclosure requirements, and regulations for insurers offering pet insurance policies. The bill defines key terms such as "chronic condition," "preexisting condition," and "veterinary expenses," and requires insurers to use these specific definitions in their policies. It mandates that insurers clearly disclose important policy provisions, including exclusions for preexisting conditions, hereditary disorders, and chronic conditions, as well as any waiting periods, deductibles, or coverage limits. The bill also provides consumers with a 30-day "free look" period to examine and return a policy for a full refund if they are unsatisfied. Additionally, the legislation requires insurance producers to complete specific training about pet insurance products and ensures that wellness programs are clearly distinguished from insurance policies. The bill aims to provide transparency and consumer protection by requiring insurers to make detailed policy information easily accessible, both in the policy documents and on their websites, and to clearly explain how claim payments are determined. The new regulations will apply to all pet insurance policies entered into, renewed, modified, or amended 180 days after the law's enactment.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1433