NAIC Model Laws, Regulations, Guidelines and Other Resources—Summer 2022
© 2022 National Association of Insurance Commissioners MO-633-3
(5) If the underwriting company differs from the brand name used to market and sell the product.
B. Right to Examine and Return the Policy.
(1) Unless the insured has filed a claim under the pet insurance policy, pet insurance applicants shall
have the right to examine and return the policy, certificate or rider to the company or an
agent/insurance producer of the company within fifteen (15) days of its receipt and to have the
premium refunded if, after examination of the policy, certificate or rider, the applicant is not satisfied
for any reason,
(2) Pet insurance policies, certificates and riders shall have a notice prominently printed on the first
page or attached thereto including specific instructions to accomplish a return. The following free
look statement or language substantially similar shall be included:
“You have 15 days from the day you receive this policy, certificate or rider to review it and return it to the
company if you decide not to keep it. You do not have to tell the company why you are returning it. If you
decide not to keep it, simply return it to the company at its administrative office or you may return it to the
agent/insurance producer that you bought it from as long as you have not filed a claim. You must return it
within 15 days of the day you first received it. The company will refund the full amount of any premium paid
within 30 days after it receives the returned policy, certificate, or rider. The premium refund will be sent
directly to the person who paid it. The policy, certificate or rider will be void as if it had never been issued.”
C. A pet insurer shall clearly disclose a summary description of the basis or formula on which the pet insurer
determines claim payments under a pet insurance policy within the policy, prior to policy issuance and
through a clear and conspicuous link on the main page of the pet insurer or pet insurer’s program
administrator’s website.
D. A pet insurer that uses a benefit schedule to determine claim payment under a pet insurance policy shall do
both of the following:
(1) Clearly disclose the applicable benefit schedule in the policy.
(2) Disclose all benefit schedules used by the pet insurer under its pet insurance policies through a clear
and conspicuous link on the main page of the pet insurer or pet insurer’s program administrator’s
website.
E. A pet insurer that determines claim payments under a pet insurance policy based on usual and customary
fees, or any other reimbursement limitation based on prevailing veterinary service provider charges, shall do
both of the following:
(1) Include a usual and customary fee limitation provision in the policy that clearly describes the pet
insurer’s basis for determining usual and customary fees and how that basis is applied in calculating
claim payments.
(2) Disclose the pet insurer’s basis for determining usual and customary fees through a clear and
conspicuous link on the main page of the pet insurer or pet insurer’s program administrator’s
website.
F. If any medical examination by a licensed veterinarian is required to effectuate coverage, the pet insurer shall
clearly and conspicuously disclose the required aspects of the examination prior to purchase and disclose that
examination documentation may result in a preexisting condition exclusion.
G. Waiting periods and the requirements applicable to them, must be clearly and prominently disclosed to
consumers prior to the policy purchase.
H. The pet insurer shall include a summary of all policy provisions required in Subsections (A) through (G),
inclusive, in a separate document titled “Insurer Disclosure of Important Policy Provisions.”