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 amends several sections of the Kansas Statutes Annotated to update definitions and clarify the application of risk-based capital (RBC) requirements, notably removing specific effective dates for RBC instructions to allow for greater flexibility. The bill also revises definitions related to insurance holding companies, enhancing the regulatory framework and oversight of insurers in Kansas.

Additionally, the bill establishes new obligations for registered insurers within holding company systems, including timely reporting of material changes and the requirement for the ultimate controlling person of each insurer to file an annual enterprise risk report. It sets standards for transactions between registered insurers and their affiliates, ensuring fairness and requiring prior notification to the commissioner for significant transactions. The bill also enhances the confidentiality of examination documents, allows insurers to publish rebuttals to false statements regarding their financial calculations, and repeals several existing statutes to streamline regulations. The act is set to 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
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