on August 3, 2014 by admin in Insurance Industry, Comments (0)

California Bill Would Regulate Pet Insurance Industry


Credit: FLICKR / Eric Rae

Pet insurance companies would have to disclose more information to consumers about what exactly their policies cover, under a bill now in the California legislature.

As veterinary bills continue to rise, more pet owners are taking out insurance to pay for unforeseen treatments.

Assemblyman Matt Dababneh, who authored AB 2056, says the growing pet insurance industry has little oversight.

“It really helps pet owners choose the most appropriate for their needs, to really know what their insurance covers and what it doesn’t cover,” says Dababneh. “So when they’re at the vet they know what they’re facing.”

The bill would require insurers to immediately disclose to customers any procedures or treatments that are not covered under their policies.

Consumers would also have 30 days after purchase to look their policy over and return it for a full refund if it’s not right for them.

The bill has passed in the Assembly. The full Senate is expected to vote on it soon.

Article source: http://www.kpbs.org/news/2014/aug/01/california-bill-would-regulate-pet-insurance-indus/

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