The bill amends various sections of the Kansas Statutes Annotated (K.S.A.) to enhance the regulation of insurance companies, health maintenance organizations, and related entities. It establishes that individuals must obtain written authority from the commissioner of insurance before selling stock in these organizations, with a licensing fee capped at $100. Additionally, it requires insurance companies to file an irrevocable written consent for legal actions to be initiated against them through the commissioner. The bill also modifies the fee structure for insurance-related activities, introduces a new 2% tax rate on premiums, and clarifies deductions allowed in the computation of gross premiums. Overall, these amendments aim to streamline regulatory processes and update the fee and tax structures for insurance entities in Kansas.

Further amendments focus on compliance requirements for managing general agents and the licensing process for pharmacy benefits managers, including specific fees and biennial reporting requirements. The bill also addresses the acquisition of control over domestic insurers, mandating comprehensive disclosures and public hearings for proposed acquisitions. It introduces provisions for dormant captive insurance companies and special purpose insurance captives, ensuring they maintain minimum capital and submit annual reports. Additionally, the bill revises continuing education requirements for insurance agents and viatical settlement providers, establishing new fee structures and emphasizing the importance of compliance. Overall, the bill seeks to enhance regulatory oversight and ensure the financial responsibility of insurance entities operating in Kansas.

Statutes affected:
As introduced: 40-205a, 40-218, 40-252, 40-2, 40-504, 40-956, 40-22a04, 40-2604, 40-2702, 40-3213, 40-3304, 40-3812, 40-3813, 40-3814, 40-3823, 45-229, 40-3824, 40-4103, 40-4116, 40-4209, 40-4302, 40-4323, 40-4334, 40-4503, 40-4903, 40-5003, 40-5509
As Amended by House Committee: 40-205a, 40-218, 40-252, 40-2, 40-504, 40-956, 40-22a04, 40-2604, 40-2702, 40-3213, 40-3304, 40-3812, 40-3813, 40-3814, 40-3823, 45-229, 40-3824, 40-4103, 40-4116, 40-4209, 40-4302, 40-4323, 40-4334, 40-4503, 40-4903, 40-5003, 40-5509