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Committee hears bill to adopt NAIC pet-insurance standards; proponents say it protects consumers
Summary
House Bill 78 would adopt the NAIC model act for pet insurance in Montana, standardizing rules to help consumers with veterinary costs. Supporters include the deputy insurance commissioner and independent agents; the bill excludes livestock by statute reference.
Representative Greg Overstreet opened a hearing on House Bill 78, saying the bill—requested by the state auditor—would adopt National Association of Insurance Commissioners model standards for pet insurance. Overstreet noted the measure passed the House 98–2 and said standardized rules would make pet insurance more consistently available and protect consumers facing high veterinary bills.
Frank Cote, deputy insurance commissioner, testified in support, describing pet insurance as a rapidly growing area of insurance and saying the model act clarifies regulatory expectations for companies selling policies in Montana. John Iverson, representing independent insurance agents, also supported the bill, saying standardized rules would improve consumer outcomes.
Committee members asked whether livestock and farm animals are covered. Witnesses said the bill defines "pet" as a domesticated animal normally kept in or near a household and excludes livestock kept for commercial purposes, pointing to statutory definitions in Title 81 (livestock definitions). The sponsor closed with no additional remarks, and the hearing ended with no committee vote recorded.
