NJ A942

Establishes the "Pet Insurance Act" creating a comprehensive regulatory framework for pet insurance sales in New Jersey, taking effect 12 months after enactment.

Requires insurers to disclose coverage exclusions for preexisting conditions, hereditary disorders, congenital anomalies, and chronic conditions, and places the burden of proof on insurers to demonstrate a preexisting condition exclusion applies.

Provides a 30-business-day free look period allowing policyholders to return policies for a full premium refund if no claim has been filed.

Limits waiting periods to a maximum of 30 days for illnesses and orthopedic conditions, prohibits waiting periods for accidents, and prohibits requiring veterinary examinations for policy renewals.

Mandates that wellness programs be clearly distinguished from pet insurance, with separate costs and terms, and requires insurance producers to complete specific training on pet insurance products before selling them.