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 amends K.S.A. 40-202 to clarify exemptions from the insurance code, introducing new categories such as self-funded health plans maintained by state entities or churches, and revising existing language for clarity. Additionally, the bill updates definitions related to risk-based capital to align with the latest NAIC instructions, thereby enhancing the regulatory framework for insurance practices in Kansas.

Furthermore, the bill strengthens oversight of insurers within holding company systems by mandating comprehensive registration statements that detail financial conditions, ownership, and transactions with affiliates. It requires domestic insurers to notify the commissioner of significant transactions with affiliates and establishes thresholds for these transactions. The bill also emphasizes the confidentiality of documents obtained during examinations and outlines the powers of the commissioner to assess compliance with regulations. Key changes include the deletion of certain phrases for clarity and the introduction of new definitions related to emergency medical conditions and health benefit plans, while also repealing several existing statutes. The bill will take effect 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
As Amended by House Committee: 40-2d01, 40-3302, 40-2c01, 40-3305, 40-3306, 40-3307, 40-3308, 45-229, 40-249, 40-2c29
As Amended by Senate Committee: 40-2d01, 40-3302, 40-202, 40-2c01, 40-3305, 40-3306, 40-3307, 40-3308, 45-229, 40-4602, 40-249, 40-2c29