Pet Insurance Model Law up for full vote at upcoming regulator meeting — again

The Pet Insurance Model Law,  now three-years-in-the-making, was put to a vote today by Working Group charged with producing it, immediately followed by a vote by the full Property and Casualty Committee (C) membership. The law was adopted. “Thank you’s” were exchanged, and regulators rained confetti in the WebEx chat.

For months this past winter, the legislation sat untouched after being abruptly removed from the final meeting agenda in December of 2021.

What happened to the Pet Insurance Model Law? Why the surprise pull-back?

It slowly became apparent that the reason the legislation had been delayed was a longstanding controversy over what, if any, requirements there should be for a person to sell pet insurance (or, producer licensing requirements).

NAIC Consumer Rep Blasts Proposed Changes to Pet Insurance Model Law To Be Discussed June 7

Once again, the model law will appear on the agenda at the Summer National Meeting for insurance regulators. This year’s meeting is in Portland, Oregon and the final session during which the pet law would be adopted by the full membership is scheduled to occur on August 13.

2022 Summer National Meeting
Portland, Oregon
EXECUTIVE (EX) COMMITTEE AND PLENARY
Saturday, August 13, 2022
9:00 – 11:00 a.m. PDT
Oregon Convention Center—Oregon Ballroom 201-204—Level 2

https://content.naic.org/sites/default/files/national_meeting/Agenda_EX-PlenaryDRAFT_0.pdf

 

Here is legislation as of today’s vote:

materials