NJ A1203

Establishes the "Pet Insurance Act" creating a comprehensive regulatory framework for pet insurance sold in New Jersey, defining key terms including preexisting conditions, chronic conditions, hereditary disorders, congenital anomalies, and waiting periods

Requires pet insurers to disclose exclusions (preexisting conditions, hereditary disorders, chronic conditions), coverage limitations, waiting periods, and whether premiums increase based on claims history, pet age, or location, with all disclosures compiled in an "Insurer Disclosure of Important Policy Provisions" document

Provides consumers a 30 business day free-look period to return a pet insurance policy for a full premium refund if no claim has been filed

Limits waiting periods to a maximum of 30 days for illnesses or orthopedic conditions, prohibits waiting periods for accidents, and prohibits insurers from requiring veterinary exams for policy renewals

Prohibits marketing wellness programs as pet insurance and requires wellness program costs and payment transactions to be separate from pet insurance policies, while mandating insurance producers complete specific training before selling pet insurance products