HB4532 Summary

• Creates Article XLVIII of the Illinois Insurance Code establishing comprehensive regulatory framework for pet insurance policies sold to Illinois residents.

• Requires pet insurers to disclose coverage exclusions, limitations, waiting periods, deductibles, coinsurance, annual/lifetime limits, and basis for claim payment calculations prior to purchase.

• Provides applicants a 30-day free examination period to return policies without stated reason and receive full premium refund if not satisfied, provided no claims have been filed.

• Permits pet insurers to exclude preexisting conditions and impose waiting periods not exceeding 30 days for illnesses and orthopedic conditions, but prohibits waiting periods for accidents and allows waiver of waiting periods upon completion of veterinary medical examination.

• Prohibits marketing wellness programs as pet insurance and bars eligibility requirements for pet insurance policies based on participation in separate wellness programs.