Pet Insurance Bill Passes Senate
A bill to regulate pet insurance passed the Senate this week, with supporters saying it will help regulate and standardize the industry to protect consumers.
Pet insurance, according to Sen. Gregg Hunter, R-Glasgow, who carried House Bill 78 through the Senate, is one of the fastest growing insurance industries. HB 78 would create a “comprehensive legal framework” to regulate the industry with the goal of protecting consumers.
“The key objectives of this bill is transparency to ensure consumers have a clear understanding of what pet insurance covers and excludes, consumer protection with introducing safeguards to protect policyholders from misleading practices or lack of information and accountability,” Hunter said. “It requires training for insurance producers, to clear documentations from insurers.”
But opponents argue this will raise the cost of veterinary care for Montanans who don’t purchase pet insurance. Senate Majority Leader Tom McGillvray, R-Billings, said historically what health insurance has done is make the cost of medical care much less affordable for people.
