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. It also amends K.S.A. 40-202 to clarify exemptions for certain entities, such as fraternal benefit societies and mutual aid associations, from specific provisions of the insurance code. The amendments introduce new definitions and clarifications regarding risk-based capital reports and the roles of domestic and foreign insurers, aiming to streamline the regulatory framework for insurance companies in Kansas.

Additionally, the bill enhances oversight of insurers within insurance holding company systems by requiring detailed registration statements and prompt reporting of material changes. It mandates that transactions between registered insurers and their affiliates be fair and reasonable, and it allows the commissioner to require deposits from insurers in hazardous financial conditions. The bill also establishes requirements for reporting extraordinary dividends and distributions, emphasizes the confidentiality of examination documents, and clarifies the handling of confidential information by the NAIC. Overall, the amendments seek to strengthen regulatory oversight, ensure transparency, and protect policyholders within the insurance market.

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 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
As Amended by House 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