The Financial Services Commission (FSC) has launched a set of proposed measures that may assist result in enhancements to pet insurance coverage providers, the regulator introduced collectively with the related authorities ministries.
The measures to enhance pet insurance coverage providers are supposed to deal with the next—
(a) guaranteeing secure operation of pet insurance coverage providers primarily based on an inexpensive veterinary price charges system;
(b) making a one-stop service enabling pet homeowners to join pet insurance coverage, file for insurance coverage claims; handle the well being situations of their pets and register their pets all from a single place;
(c) enhancing the construction of pet insurance coverage merchandise and growing new merchandise tailor-made to the wants of pets and their homeowners; and
(d) permitting insurers specialising in pet insurance coverage to function out there.
The FSC and the Ministry of Agriculture, Food and Rural Affairs will proceed to take care of shut communication with the related authorities and industries to make sure efficient implementation of the proposed measures.
In this course of, the authorities will notably work on boosting cooperation between the veterinary and insurance coverage industries to result in enhancements and scale back inconveniences within the provision of veterinary and pet insurance coverage providers to customers.
