A REGULATOR’S GUIDE TO PET INSURANCE As discussed during the Property and Casualty Insurance (C) Committee’s meeting at the 2018 Spring National Meeting, the Committee formed a drafting group to develop a white paper to provide an overview of the pet insurance industry This white paper represents the Committee’s findings Please note that all websites and companies discussed in this paper are included for research only and
NAIC Pet Insurance Model Law_11921Clean D “Pet insurance” means a property insurance policy that provides coverage for accidents and illnesses of pets Drafting Note: The description of this line as “property” is only for purposes of financial reporting of data
Insurance Topics | Pet Insurance | NAIC As pet healthcare spending rises, more consumers buy pet insurance NAIC adopted a model law to regulate pet insurance on issues like preexisting conditions, disclosures, and producer training
NAIC Pet Insurance Model Law_11921Clean “Pet insurance” means a property insurance policy that provides coverage for accidents and illnesses of pets “Preexisting condition” means any condition for which any of the following are true prior to the effective date of a pet insurance policy or during any waiting period:
National Association of Insurance Commissioners We assist state insurance regulators, individually and collectively, in serving the public interest Together, we protect consumers and ensure fair, competitive, and healthy insurance markets
A Regulator’s Guide to Pet Insurance Pet insurance provides accident and illness coverage for family-owned pets, primarily dogs and cats Although pet insurance is classified and regulated as P C insurance, it bears many similarities to human health insurance with annual coverage offered at an actuarially determined rate subject to various conditions and exclusions This coverage was started in the U S in 1980 and has grown
LICENSING REPORTING IN THE U. S. PET INSURANCE MARKET OBJECTIVES In this study, we discuss the pet insurance market and ofer recommendations regarding licensing and reporting that we believe will better serve consumers and improve market transparency EVIDENCE Premiums written for pet insurance have more than doubled for the period from 2013–2018
PET INSURANCE MODEL ACT – DISCUSSION DRAFT for PET INSURANCE (C . . . As mentioned in the NAIC White Paper “The coverage options and policy details associated with pet insurance are like those found in human health insurance However, pet insurance is regulated and reported as P C coverage because pets are considered property under the law Provisions for in-network providers, co-insurance or co-payment, exclusions for preexisting conditions, age limits and
Pet Insurance - content. naic. org Although pet insurance is not for everyone, consumers who are considering it should do their research There are many online education centers dedicated to pet insurance which include policy and company reviews, term definition and explanations, and questions consumers should ask of themselves and the companies they are considering
Line of Business: Pet This definition is not intended to classify a contract directly between a service provider and a pet owner that only involves the two parties as being “the business of insurance,” unless other indications of insurance also exist Number of Policies Renewed – Number of pet insurance policies renewed during the specified period