The bill empowers the Kansas insurance commissioner 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 for certain fraternal benefit societies and introduces new exemptions for self-funded health plans maintained by public and religious entities. Additionally, the bill updates definitions related to risk-based capital (RBC) reports and the roles of domestic and foreign insurers, ensuring that the RBC instructions are those announced by the commissioner rather than a fixed version.

Moreover, the bill enhances oversight of insurers within insurance holding company systems by requiring authorized insurers to provide registration statements and other relevant information, regardless of their registration status. It mandates that registered insurers file detailed registration statements and keep them current, while also requiring the ultimate controlling person of each insurer to file an annual enterprise risk report. The bill establishes standards for transactions between registered insurers and their affiliates, emphasizes the confidentiality of examination documents, and introduces new definitions related to emergency medical conditions and health benefit plans. It also repeals outdated statutes and clarifies that the act will take effect upon publication in the Kansas register.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