A REGULATOR’S GUIDE TO PET INSURANCE

| October 31, 2018

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In December 2016, an insurer in the pet health insurance (pet insurance) industry voiced concerns to the Producer Licensing (D) Task Force regarding the use of limited lines licensing for pet insurance. The insurer recommended that pet insurance is removed from the State Licensing Handbook Uniform Licensing Standard (ULS) #37 as a limited line. It was the insurer’s opinion that a full property/casualty (P/C) line should be required to sell, solicit or negotiate pet insurance. Reasons cited include: 1) tremendous growth in the pet insurance market; 2) policy premiums that far exceed the cost of the covered item (i.e. the pet); 3) complex policies with multiple coverage options and exclusions. Traditionally, limited lines products are designed to be incidental to the sale of another product which according to the insurer is not the case with pet insurance. The Task Force decided it needed to better understand the complexities of pet insurance before offering guidance regarding the type of producer license required to sell the product. As a result, the Task Force made a referral to the Property and Casualty Insurance (C) Committee to draft a comprehensive white paper providing information on coverage options, product approval, marketing, ratemaking, claims practices and regulatory concerns.

Spotlight

AROPE Insurance

We, at AROPE Insurance commemorate 43 years of Insurance excellence and strive to stand tall for many years to come. Established in 1974, AROPE has become one of the major players in the insurance industry in Lebanon. Since its foundation, AROPE has maintained continuous growth and sustained development, backed by BLOM Bank’s solid financial background and its excellent track of good reputation and credibility.

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