Posted By PIA Western Alliance,
Tuesday, October 7, 2014
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Pet insurance — in spite of the new urgency to purchase cyber insurance and its phenomenal growth — continues to be the fastest growing insurance line in the country. California Insurance Commissioner Dave Jones expects pet insurance to reach $750 million by 2015.
He says Americans spend more than $15 billion each year on veterinary care.
Since 2008 — when Jones was in the state assembly — he has pushed for consumer protections in his state’s pet insurance sales. Last week California Governor Jerry Brown signed AB 2056 that puts new and restrictive consumer protections into policies. It standardizes definitions and gives someone purchasing insurance 30-days to check out their policy. If they don’t like what they see, they can cancel with no penalty.
In a news release, Jones said, “Under the new law, pet insurers will be required to disclose baseline information regarding their policies such as reimbursement benefits, pre-existing condition limitations, and a clear explanation of limitations of coverage including coinsurance, waiting periods, deductibles, and annual or lifetime policy limits.”
He praised the Legislature for paving the way for consumer protections nationwide and said it makes sense because California has more pets than any other state.
Source: California Department of Insurance
California Insurance Commissioner
California’s New Consumer Law
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