Jul 12, 2014 6:11 PM
California could soon start regulating the small but growing market for pet insurance under proposed legislation.
The Sacramento Bee (http://bit.ly/1mtPGwJ) reports that legislation by Assemblyman Matt Dababneh, D-Los Angeles, would set guidelines for the largely unregulated industry.
Former Gov. Arnold Schwarzenegger vetoed similar legislation, but the latest measure was approved 78-0 by the state Assembly and now awaits approval by the state Senate.
The legislation was prompted by increasing complaints to the state Department of Insurance about pet insurance policies that consumers say are confusing or misleading.
The measure would make policies more transparent and give insurance regulators a greater ability to oversee the plans.
The pet insurance industry has largely remained neutral on the bill, but Veterinary Pet Insurance, the largest U.S. provider, has endorsed the measure.
2 days ago