No. CS/SB 158
Filed under Insurance.
Pet Insurance; Revising requirements for disclosures from a pet insurer to a policyholder; prohibiting agents from soliciting the sale of pet insurance policies or pet wellness products under certain circumstances; authorizing agents to rely on certain standards and materials; specifying that certain training standards are not part of certain continuing education requirements; providing that certain courses are eligible for certain continuing education credit, etc.
Plain English Summary
AI-GENERATEDPet insurers must give policyholders a new plain-language summary of key terms: coverage limits, deductibles, waiting periods, exclusions, preexisting-condition rules, and whether wellness care is included.
Agents can no longer sell a pet insurance policy or wellness product unless they know it well, follow the insurer's sales standards, and complete a 2-hour training course every two years.
That training can come from the insurer itself, and it does not count toward an agent's regular license education hours unless a course provider separately wins state approval.
Insurers must now file a detailed annual report with the state each March 1, covering policies issued, premiums and claims, and every denied or rescinded claim and why.
AIPet insurers must give policyholders a new disclosure item: a plain-language summary, on a form the commission adopts by rule, covering coverage limits, deductibles, waiting periods, exclusions, preexisting-condition rules, and whether wellness benefits are included.
AIAn agent may not solicit the sale of a pet insurance policy or wellness product unless they have adequate knowledge of it, follow the insurer's applicable standards, and complete a biennial training course.
AICurrent law's flat requirement that the insurer itself ensure its agents are trained on the relevant topics and products is removed, replaced by the agent-facing solicitation bar described above.
AIEvery pet insurer must file a report with the office each March 1 covering policies issued, renewed, and canceled; aggregate premium and claims data; denial and rescission data with reasons; and information on waiting periods, exclusions, and wellness offerings.
AIThe required course an agent must complete to keep soliciting sales is fixed at two hours, repeated every two years, covering the topics the insurer specifies.
AIThe insurer-provided training standards an agent uses to meet the solicitation requirement do not count toward the agent's separate continuing education obligation, unless a course provider applies for and receives department approval.