The bill introduces Chapter 82, "PET INSURANCE ACT," to Title 27 of the General Laws, aiming to regulate the sale of pet insurance in the state. It applies to policies issued to state residents and includes those sold, solicited, negotiated, or offered within the state, as well as those delivered or issued for delivery in the state. The chapter takes precedence over any general provisions of state insurance laws that would otherwise apply to pet insurance. It defines key terms related to pet insurance, mandates disclosure requirements for pet insurers, and provides consumers with a 15-day "free look" period to return the policy for a full premium refund if no claim has been filed.

The bill requires pet insurers to disclose the basis for determining claim payments, any required medical examinations, potential preexisting condition exclusions, and waiting periods before policy purchase. It also mandates a summary of policy provisions titled "Insurer Disclosure of Important Policy Provisions" to be provided in print and on the insurer's website. Coverage exclusions based on preexisting conditions are allowed with proper disclosure, and there are limits on waiting periods for illnesses or orthopedic conditions. The bill prohibits marketing wellness programs as insurance or requiring their purchase for pet insurance, and it requires insurance producers to be licensed and trained in pet insurance products. Violations will be subject to penalties, and the act will take effect on January 1, 2025.