AN ACT RELATING TO INSURANCE -- PET INSURANCE ACT

SB 649 establishes a regulatory framework for pet insurance policies sold in the state, directly affecting pet insurance companies and pet owners. The bill requires insurers to clearly define key terms (like preexisting conditions, chronic conditions, and hereditary disorders) in policies, disclose all exclusions and coverage limits upfront, and provide a summary of how claim payments are calculated. It also mandates a 15-day "free look" period allowing pet owners to return policies for a full refund if unsatisfied before filing claims, and prohibits applying waiting periods to policy renewals. These provisions aim to increase transparency and consumer understanding of pet insurance coverage.