The bill proposes significant changes to the Kansas insurance regulatory framework, including renaming the Kansas insurance department to the Kansas department of insurance and the office of the securities commissioner to the department of insurance, securities division. It transfers the powers and responsibilities of these offices, reduces the number of board members appointed by the commissioner of insurance, and decreases the frequency of meetings for the committee on surety bonds and insurance. Key amendments include the removal of the Senate confirmation requirement for the assistant commissioner of the department of insurance, the establishment of a fee-setting process requiring publication in the Kansas register, and an increase in the minimum capital or surplus requirement for eligible nonadmitted insurers from $4.5 million to $15 million.

Additionally, the bill introduces stricter regulations for insurers utilizing managing general agents (MGAs), requiring independent financial examinations and regular reviews of MGA operations. It outlines the conditions under which the commissioner can remove an insurer from the eligible list and clarifies that nonadmitted insurers can still place insurance if they meet federal eligibility requirements. The bill also revises the governance structure for various insurance entities, including the workers' compensation board, and establishes new reporting requirements for health maintenance organizations. Overall, the amendments aim to enhance regulatory oversight, ensure fair practices within the insurance industry, and improve the financial integrity of insurance operations 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
As Amended by Senate 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
Enrolled: 8-2405, 40-102, 40-205a, 40-218, 40-246b, 40-246e, 40-252, 40-2, 40-504, 40-956, 40-2102, 40-2109, 40-22a04, 40-2604, 40-2702, 40-3116, 40-3213, 40-3304, 40-3413, 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, 75-4101, 75-6301