A bill being proposed by Nebraska Senator Beau Ballard, of Lincoln, cleared its first hurdle at Thursday’s Legislative session. LB296 would create a legal framework for the sale of pet insurance, which, according to Ballard, is one of the fastest growing parts of the insurance business.
“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.
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 bill would require pet insurers to disclose waiting periods, claim schedules and exclusions for pre-existing conditions. Additionally, the legislation would make training pet insurance agents mandatory.
Senators voted 32-0 to advance the bill to select file. LB296 would take effect Jan. 1, 2024.