The Kansas Real Time Motor Vehicle Insurance Verification Act establishes a web-based system for the electronic verification of motor vehicle liability insurance, which will be the exclusive method for such verification in the state. Insurers are required to collaborate with the commissioner of insurance and the Kansas Department of Revenue to ensure the system is operational by July 1, 2026. The bill also emphasizes data confidentiality and outlines insurers' responsibilities, including maintaining separate fiduciary accounts and prohibiting the commingling of funds. Additionally, it eliminates the requirement for the commissioner to submit certain reports to the governor, instead mandating their publication on the insurance department's website, and standardizes surety bond amounts while repealing outdated sections of existing law.

Moreover, the bill introduces new regulations for title insurance agents, including prohibiting the commingling of personal and escrow funds, requiring annual audits, and mandating a $100,000 surety bond or irrevocable letter of credit to secure performance. It defines unfair competition and deceptive practices in the insurance industry, emphasizing consumer protection, particularly for vulnerable individuals. The legislation also addresses unfair claim settlement practices, mandates the creation of universal claim forms, and establishes fiduciary responsibilities for insurance administrators. Overall, the bill aims to enhance accountability, transparency, and consumer rights within the insurance marketplace in Kansas.

Statutes affected:
As introduced: 8-173
As Amended by Senate Committee: 8-173
{As Amended by Senate Committee of the Whole}: 8-173
As Amended by House Committee: 8-173
Enrolled: 40-3104, 8-173, 40-108, 40-2, 40-4902, 40-1137, 40-1139, 40-2404, 40-2253, 40-3807, 40-3809