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Model law could help bring clarity to pet insurance market
The National Association of Insurance Commissioners is working on a model law that states could opt to use, when setting standards for pet insurance rates, coverage and disclosures.
and last updated 2021-02-19 13:38:18-05
NEW ORLEANS, La. â Inside an animal shelter on the west bank of the Mississippi River, dogs wait patiently inside their âdog condosâ for a chance to move out.
âWhen someone adopts a pet from us, we provide them with a medical record of all vaccinations: all diagnosis and all treatments,â said Ana Zorrilla, CEO of the Louisiana SPCA, which runs the animal shelter in New Orleans.
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According to a survey conducted by the American Pet Products Association, in 2019 approximately 70% of American households include a pet,
1 a number that we will likely see increase this year as a result of COVID-19.
2 It seems inevitable that this rise in pet adoption will result in an increase in consumer spending on these additional “family members.” With the pet industry already at nearly $70B in consumer spending,
3 $1.56B of which is spent on pet insurance premiums, it is no wonder regulatory agencies are taking a second look at consumer protections such products afford.
Cats Versus Dogs: Which Are Cheaper? msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.