The bill empowers the Kansas commissioner of insurance to select and announce the version of insurance calculations and instructions from the National Association of Insurance Commissioners (NAIC) that will be effective for the upcoming calendar year, with a requirement to publish this announcement in the Kansas register by December 1 each year. It also clarifies definitions related to risk-based capital (RBC) and amends existing statutes to streamline the language and responsibilities of insurers within an insurance holding company system. Key amendments include the removal of outdated references and the establishment of new requirements for the ultimate controlling person of every insurer, such as filing an annual enterprise risk report and a group capital calculation.

Additionally, the bill enhances regulatory oversight by stipulating that no insurer subject to registration can pay extraordinary dividends or distributions without prior notice to the commissioner, who has 30 days to disapprove such payments. It also strengthens the confidentiality of documents obtained during examinations by declaring them privileged and not subject to public disclosure, while allowing the commissioner to share this information with other regulatory agencies under confidentiality agreements. The bill repeals several existing statutes, effectively removing them from the legal framework, and will take effect immediately upon publication in the statute book.

Statutes affected:
As introduced: 40-2d01, 40-3302, 40-2c01, 40-3305, 40-3306, 40-3307, 40-3308, 45-229, 40-249, 40-2c29