The bill proposes significant changes to the Kansas insurance regulatory framework, including the renaming of 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 grants the commissioner of insurance the authority to set and publish certain fees in the Kansas register and reduces the number of board members appointed by the commissioner on specific insurance-related boards. Additionally, the bill modifies vehicle dealer license requirements to allow insurance policies from eligible nonadmitted insurers and eliminates the need for Senate confirmation of the assistant commissioner for the securities division. It also establishes a list of eligible nonadmitted insurers, raises the minimum capital requirement for these insurers, and updates various sections of existing law regarding insurance operations in Kansas.

Further amendments include stricter regulations for insurers using managing general agents (MGAs), requiring independent financial examinations and annual actuary opinions on loss reserves. The bill outlines the conditions under which the commissioner may remove an insurer from the eligible list and updates the fee structure for insurance companies and fraternal benefit societies. It also introduces new provisions for the certification of utilization review organizations and clarifies the requirements for risk retention groups and purchasing groups. Overall, the amendments aim to enhance regulatory oversight, ensure fair practices within the insurance industry, and improve consumer protection 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