NY A01433

Establishes standardized definitions for pet insurance terms including "preexisting condition," "chronic condition," "hereditary disorder," "congenital anomaly," "orthopedic" conditions, "waiting period," and "wellness program"

Requires insurers to provide extensive disclosures to consumers about policy exclusions, coverage limitations, deductibles, waiting periods, and how claim payments are calculated, including a separate "Insurer Disclosure of Important Policy Provisions" document in at least 12-point type

Grants policyholders a 30-day "free look" period to examine and return a new 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 allows waiting periods to be waived upon completion of a veterinary examination

Prohibits marketing wellness programs as pet insurance and requires clear separation between wellness program costs and terms from actual pet insurance policies

Requires insurance producers to complete training on pet insurance products before selling them, covering topics such as preexisting conditions, waiting periods, and the differences between insurance and wellness programs

Takes effect 180 days after becoming law and applies to all policies entered into, renewed, modified, or amended after that date