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. The bill also modifies the requirements for insurance companies to file a written consent for legal actions, removing the term "irrevocable." Additionally, it updates the tax structure for insurance premiums, introducing a 2% tax rate and clarifying conditions for premium deductions. The commissioner is tasked with publishing annual fee schedules to ensure transparency.

Further amendments include new compliance requirements for insurers using Managing General Agents (MGAs), the introduction of licensing processes for pharmacy benefits managers, and changes to the certification process for various insurance-related entities. The bill also outlines the requirements for acquiring control of domestic insurers, emphasizing the need for detailed financial disclosures and public hearings. It streamlines the regulatory framework for captive insurance companies and special purpose insurance captives, while also establishing continuing education requirements for insurance agents and related professionals. Overall, the bill aims to modernize and enhance regulatory oversight within the Kansas insurance industry.

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