The National Association of Insurance Commissioners passed the Pet Insurance Model Act. The model law establishes regulatory standards for the
In North America, pet insurance annual premiums were $2.8 billion in 2021, up 30% from 2020, with over 4 million pets insured in the U.S. and Canada, according to the North American Pet Health Insurance Association.
The model law includes consumer protections and training requirements for insurance producers. Additionally, it includes limits on how insurers can deny
Beth Dwyer, superintendent of insurance for the Rhode Island Department of Business Regulation said in a statement: "This model law establishes clear rules for the sale of pet insurance and provides important disclosures to pet owners interested in purchasing this product. Now, it is up to the states to see if they would like to adopt or modify the model law for this regulatory framework to be in effect."
