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 includes amendments to clarify definitions related to risk-based capital (RBC), such as "adjusted RBC report" and "total adjusted capital," and makes several deletions and insertions to streamline existing legal language. The bill also emphasizes the responsibilities of the commissioner regarding RBC plans and reports, ensuring that the definitions reflect current practices and regulatory requirements.

Additionally, the bill outlines new regulations for insurers within an insurance holding company system, including stipulations on the payment of dividends and the requirement for the ultimate controlling person of every insurer to file an annual enterprise risk report. It enhances the commissioner's authority to examine registered insurers and their affiliates, ensuring the confidentiality of sensitive financial information. The bill also introduces provisions for group capital calculations and liquidity stress tests, while repealing several existing statutes to streamline the regulatory framework. The changes will take effect immediately upon publication in the statute book, ensuring prompt implementation.

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