According to Senator Ballard, pet insurance is rapidly growing; in the last year, it has expanded by over 30 percent. Nebraska, however, currently has no tangible system in place to monitor it.
“Pet insurance consumers use their policies more than any other policies,” said Senator Ballard, “but the costs of those claims are much lower than claims of these other types of insurance.”
The bill, which is based on model legislation endorsed by the National Association of Insurance Directors, would require pet insurers to provide disclosures regarding waiting periods, claim schedules, and exclusions for preexisting conditions. It also would require training for agents who sell pet insurance.
“The provisions of LB296 will provide needed protections for Nebraskans interested in purchasing pet insurance so they can make informed decisions that are right for their family and their pet,” Ballard said.
LB296 would take effect Jan. 1, 2024.
