The bill amends Kansas title insurance laws, primarily focusing on the responsibilities of title insurance agents. It requires agents to make audit reports available for inspection by the commissioner of insurance upon request, rather than submitting them annually. A uniform surety bond requirement of $100,000 is established for title insurance agents, eliminating previous exemptions based on county population. The bill also clarifies the handling of escrow funds, emphasizing the segregation of funds and prohibiting the commingling of personal and escrow funds. It mandates specific disbursement conditions for escrow funds exceeding $2,500 and allows the commissioner to set rules regarding audit standards.

Additionally, the bill introduces regulations for value-added products and services offered by insurers, ensuring they are reasonably priced and related to insurance coverage. It outlines unfair claim settlement practices and mandates record-keeping of complaints by insurers. The legislation prohibits rebates or inducements in title insurance transactions and requires disclosure of financial interests. It also emphasizes compliance with the Gramm-Leach-Bliley Act regarding nonpublic personal information and ensures that new regulations do not override existing Kansas laws on parental consent for minors' health treatment. The act will take effect on January 1, 2026, following its publication.

Statutes affected:
As introduced: 40-1139, 40-1137, 40-2404
As Amended by Senate Committee: 40-1139, 40-1137, 40-2404