The Montana Pet Insurance Act aims to establish a comprehensive legal framework for the sale and regulation of pet insurance within the state. The bill outlines specific definitions related to pet insurance, including terms such as "chronic condition," "preexisting condition," and "wellness program." It mandates that pet insurers provide clear disclosures to consumers regarding policy exclusions, waiting periods, and the basis for claim payments. Additionally, the act requires that pet insurance policies include a "free look" period, allowing consumers to return the policy within 15 days for a full refund if they are unsatisfied.

Furthermore, the act sets forth requirements for wellness programs, ensuring they are marketed separately from pet insurance and do not duplicate coverage. It also establishes training requirements for insurance producers selling pet insurance, mandating that they complete specific training on relevant topics every two years. The bill grants the commissioner the authority to adopt rules for implementation and outlines penalties for violations of the act. Overall, the Montana Pet Insurance Act seeks to enhance consumer protection and transparency in the pet insurance market.