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 exempt certain fraternal benefit societies and mutual aid associations from specific insurance code provisions, introduces new exemptions for self-funded health plans maintained by state entities and churches, and updates definitions related to risk-based capital reports. Additionally, the bill enhances oversight of insurers within holding company systems by requiring them to provide registration statements detailing their financial condition and transactions with affiliates, along with an annual enterprise risk report from the ultimate controlling person.

Moreover, the bill establishes stricter regulations on transactions involving domestic insurers and their affiliates, requiring prior notice to the commissioner for certain transactions and prohibiting actions designed to circumvent regulatory thresholds. It introduces provisions for extraordinary dividends and distributions, mandating prior notice to the commissioner for approval. The bill also addresses the handling of confidential information by the NAIC, ensuring that shared information is not stored permanently and that insurers are notified of any requests for their confidential data. New definitions related to emergency medical conditions and health benefit plans are included, and the act will take effect upon publication in the Kansas register.

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