Gov. Kathy Hochul of New York vetoed legislation for the second consecutive year. The bill would have established the first regulatory framework, namely a set of guardrails for consumers, for New York consumers of pet health insurance products.
The bill passed unanimously in both the state Assembly and Senate in May and June respectively. Assemblywoman Pamela Hunter (D-Syracuse) sponsored the bill for the second time and, in the state Senate, Sen. Jamaal Bailey (D-New York City) brought the bill to the floor. In 2024, now-retired Neil Breslin had sponsored the legislation, which would have created all kinds of guardrails for consumers such as requiring pet insurance companies to limit so-called “waiting periods” – time between when a consumer enrolls and pays and when that consumer is able to obtain coverage.
For example, the law, which would have been implemented by New York’s Department of Financial Services, would have banned pet insurers from marketing wellness products in conjunction with pet insurance. It would have established universal definitions for terms such as “pre-existing condition” and “waiting period.”
According to the North American Pet Health Insurance Association (NAPHIA), the pet insurance industry’s main trade association and lobbying arm, 7.03 million pets were insured in North America at the end of 2024, up from 6.25 million total pets in 2023. Still, the market penetration rate remains under 5%, trailing other wealthy nations by a distance.
https://thecaninereview.com/2022/08/14/regulators-adopt-americas-first-significant-piece-of-legislation-for-fast-growing-pet-insurance-industry-now-states-must-decide/
