NAIC To Develop New Pet Insurance Regulatory Standards

The National Association of Insurance Commissioners (NAIC) is currently working on a new model pet insurance regulatory standards law.

The new pet insurance regulatory standards are expected to impact that part of the insurance industry, depending on whether states adopt them and how they do so.

It may also alter the way veterinarians discuss coverage with their clients. The NAIC working group is currently taking on the initial draft model of the law, meaning that the final version won’t be available for quite some time. Currently, it’s expected that the public won’t be seeing the final version until closer to the end of 2021.

The President of NAIC, Ray Farmer, also the Director of the South Carolina Department of Insurance, explained that this part of the industry remains in its early years, but is an emerging area.

This is not the first time NAIC has discussed the topic of regulating animal health insurance.