Nebraska Pet Insurance Bill Passes First Round of Proposals
LINCOLN, Nebraska (Nebraska) — Nebraska legislators are studying a bill that would create a state legal framework for the sale of pet insurance that covers pet illness and accidents.
LB296 exited Thursday’s general file with 32 votes to 0, moving to file selection. The bill is sponsored by Senator Beau Ballard of Lincoln.
According to Senator Ballard, pet insurance is one of the fastest growing areas of the insurance industry.
“LB296 provisions will provide the necessary protection for Nebraska residents interested in purchasing pet insurance so they can make informed decisions about what is right for their family and pet,” Ballard said.
Senator Ballard said the bill is based on model legislation approved by the National Association of Insurance Commissioners and is the result of more than two years of negotiations among the parties concerned.
Among other provisions, the bill requires pet insurers to disclose waiting periods, claim schedules, and exemptions for pre-existing conditions. It will also require training for agents who sell pet insurance.
Law LB296 will come into force on January 1, 2024, and violation of the provisions of the bill will be considered unfair trading practices.
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