AN ACT RELATING TO INSURANCE -- PET INSURANCE ACT

HB 7435 creates a new legal framework to regulate pet insurance policies sold to residents of the state. The bill requires insurers to clearly define key terms like preexisting conditions and chronic illnesses within their policies and make these definitions easily accessible online. It mandates that companies disclose specific details about coverage limits, exclusions, and how premiums or benefits might change based on a pet's history or age. Additionally, the law grants consumers a fifteen-day "free look" period to review and return a policy for a full refund if they are not satisfied, provided no claims have been filed. This legislation applies to any pet insurance offered or delivered in the state, superseding general insurance laws with these specific consumer protections.