The pet insurance industry is largely unregulated, however that may change with newly proposed legislation.

A bill that's waiting for action from the State Senate would require pet insurance companies to include a clear explanation of their policies, since they vary from one another.   

Assembly Bill 2056 was sponsored by Insurance Commissioner Dave Jones.

He says pet insurance is a small but growing market and is expected to hit $750 million by next year. 

Companies would be required to use simple language with regard to the limitations of coverage including co-insurance, waiting periods, deductibles and annual or lifetime policy limits. 

Jones says pet insurance is still the Wild West and that's what they're trying to rein in.