BILL NUMBER: S5324A
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the insurance law, in relation to providing for the
issuance of pet insurance
 
PURPOSE:
The purpose of this bill is to regulate and define the issuance of pet
insurance.
 
SUMMARY OF PROVISIONS:
Section 1 amends subsection (a) to section 1113 of the insurance law to
include a new paragraph including "pet insurance."
Section 2 amends the insurance law by adding a new section 3462.
 
JUSTIFICATION:
This bill seeks to establish a comprehensive regulatory framework for
the pet insurance industry in New York State. This act would create
uniform definitions, offer better protection to owners, and generally
reduce regulatory confusion. Several states, including California and
Maine, have already adopted similar legislation.
 
LEGISLATIVE HISTORY:
2023-24: S7845 - Vetoed
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on the one hundred and eightieth day after it
shall have become a law and shall apply to all policies entered into,
renewed, modified or amended on or after such effective date. Effective
immediately, the addition, amendment and/or repeal of any rule or regu-
lation necessary for the implementation of this act on its effective
date are authorized to be made and completed on or before such effective
date.