• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Insurance Industry Information | Massachusetts / New Pet Model Act Passed By NAIC

New Pet Model Act Passed By NAIC

August 22, 2022 by AC Editor

New Pet Model Act Passed By NAIC

In addition to recently issuing its In-Depth 2021 Property/Casualty Market Share Data Report earlier this summer, The National Association of Insurance Commissioners (NAIC) members also announced this month the passage of its new Pet Insurance Model Act.

“This model law establishes clear rules for the sale of pet insurance and provides important disclosures to pet owners interested in purchasing this product,” said Beth Dwyer, Superintendent of Insurance for the Rhode Island Department of Business Regulation in commenting on its passage. “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.”

According to the NAIC, pet insurance has exploded over the past couple of years, seeing a 30.5% increase in total in-force premiums from 2020 to 2021, to a total of in-force premiums of approximately $2.8 billion as opposed to $2.175 billion in 2020. This means that over 4.41 million pets are now insured across North America, up 27.7% from the over 3.45 million pets insured in 2020, according to the North American Pet Health Insurance Association.

As a result of this unprecedented increase, the NAIC’s new Act aims to establish the appropriate regulatory standards for the pet insurance industry in general.

Key elements of the model act

As part of this aim, the new Act encompasses four key elements:

Consumer Protections: The model codifies several consumer protections related to policy renewals, required disclosures of waiting periods, policy limits, conditions, benefit schedules, and more. Robust disclosures allow consumers to affirmatively choose the policy that is best for them in a world with dozens of available options.

Preexisting Conditions: The model limits how insurers can deny pet insurance claims related to preexisting conditions of covered pets. And the onus is put on the insurer to prove those preexisting condition limitation applies.

Wellness Programs: The model explicitly requires insurers and their producers to clearly differentiate pet wellness programs from insurance policies to help eliminate consumer confusion between insurance policies and non-insurance wellness programs.

Training Requirements: The model codifies training for insurance producers to ensure that producers are appropriately prepared to present information to consumers.

Print Friendly, PDF & Email

Filed Under: Insurance Industry Information | Massachusetts, Latest News Tagged With: Agency Checklists, Mass. Insurance News, massachusetts insurance news, New England Insurance News, Pet Insurance

Primary Sidebar

Sponsored

Sponsored

MA Division of Insurance Announcements

Latest Agency Sales

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

Insurance Agency Mergers & Acquisitions In Massachusetts | Q4-2022

More Agency Sales

Career News

The Hanover Appoints Kate B. Williams to President of E&S

The Hanover Appoints Kate B. Williams to President of E&S

Hi Marley Welcomes Naved Siddique as SVP, Strategy and Solutions

Hi Marley Welcomes Naved Siddique as SVP Strategy and Solutions

New Hampshire Insurance Department Staff Members Appointed to NAIC Standing Committees

Michael Percy Appointed To Concord Group Board of Directors

Michael Percy Appointed To Concord Group Board of Directors

Layoffs At Two Boston-Based Insurtechs

Layoffs At Two Boston-Based Insurtechs

Massachusetts insurance news, MA Insurance News, Mass. Commissioner of Insurance Gary Anderson, NAIC 2019 Appointments

NAIC Names Its 2023 Committee Leadership

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

Plymouth Rock Appoints Rachel Switchenko as Vice President of Customer Solutions

Boston Insurance Brokerage LLC Announces Promotion of Cara MacDonald to VP of Workers’ Compensation

Boston-based Risk Strategies

Risk Strategies Names Doran Lamond as Commercial Lines Leader, New England Region

View More Career News

In Memoriam

In Memoriam: Nancy L. Perocchi, 1937-2022

In Memoriam: Peter J. Nobile, Jr., 1931-2022

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022 | Agency Checklists

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022

CAR News

Outgoing Gov Baker Signs Catalytic Converter Bill on Way Out

Road Safety Analysts Put Mass. In “Danger” Zone

Final Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

View More CAR News

Massachusetts Law Updates

Appeals Court Reins in Superior Court’s Expansion of Risk Management

Court Limits Indemnity Agreements Interpretation and Reverses $237K Legal Fee Award

Insured’s $2 Million Claim For Loss Prevention Costs Scuttled By The Supreme Judicial Court

A look at the Supreme Judicial Court of Massachusetts’ ruling on Ken’s Foods’ common law reimbursement claim.

An Insured’s Underpayment of Loss Lawsuit Over Brookline Building Backfires

The Appeals Court recently affirmed a decision in Anwar Faisal et al. v. United National Insurance Company that reminds one of the saying, “Be careful what you ask for. You may get it.” In this case, the insured sued to get more money on a property damage claim, asking the court to rule on his […]

Failed Foray Into Massachusetts Ends In A Lawsuit For New York Agency Over Its Producer’s Understanding of Salary v. Draw

A case in point about what can go wrong when an agency, its officers, and a producer being onboarded, come to loggerheads and litigation ensues.

More Mass. Law Updates

DOI News

Massachusetts Remains The 14th Largest Insurance Marketplace As Ranked By Total Premium Volume

Facts & Figures For New England Insurance Departments & Insurance Producers | 2023

Massachusetts Insurance Commissioner Honored for Exceptional Leadership

DOI: Insurance Companies Must Renew MA Appointments by October 14th

View More DOI News

Insurance Fraud

Walmart Will Pay $500k For Its Failure To Follow Workers’ Comp. Prescription Pricing Procedures

Former Insurance Adjuster Indicted in Connection with Stealing Identities of Four Victims of Merrimack Valley Gas Explosions

Phony Pumpkin Assault Claim Gets 3 Years For Insurance Fraud

Edgartown Masonry Company Owner Indicted for Workers’ Compensation Fraud

More Insurance Fraud News

Footer

Agency Checklists

Contact us

14 Summer Street
Suite 102
Malden, MA 02148
617-598-3800

Advertise on Agency Checklists

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2023 · Agency Checklists · All rights reserved.

 

Loading Comments...