LINCOLN, Neb. (KSNB) – Nebraska lawmakers are looking into a bill that would create a state regulatory framework for the sale of pet insurance, which covers pet illness and accidents.
LB296 advanced from general file on Thursday with a 32 to 0 vote, moving to select file. The bill is sponsored by Lincoln Senator Beau Ballard.
According to Sen. Ballard, pet insurance is one of the fastest growing areas of the insurance industry.
“The provisions of LB296 will provide needed protections for Nebraskans interested in purchasing pet insurance so they can make informed decisions about what’s right for their family and pet,” Ballard said.
Sen. Ballard said the bill is based on model legislation endorsed by the National Association of Insurance Commissioners and is the result of more than two years of negotiations among stakeholders.
Among other provisions, the bill 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.
LB296 would take effect Jan. 1, 2024, and violations of the bill’s provisions would be considered an unfair trade practice.
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