The bill establishes the Kansas Protected Cell Captive Insurance Company Act, which provides a regulatory framework for the formation and operation of protected cell captive insurance companies in Kansas. It allows for both incorporated and unincorporated protected cells, requiring a plan of operation approved by the commissioner of insurance and separate accounting for each cell's assets and liabilities. The act expands the types of insurance that captive insurance companies can offer and includes provisions for the redomestication of foreign or alien captive insurance companies, exempting them from premium tax for one year. Additionally, it introduces new provisions for the combination of assets from multiple protected cells for investment purposes while ensuring their accounting segregation.

The bill also amends existing laws related to insurance company fees and taxes, establishing new tax rates for the upcoming years and removing previous tax rates and deductions. It clarifies definitions related to insurance regulations, including the classification of travel insurance and the requirements for financial reporting within insurance holding company systems. Significant deletions include the removal of certain phrases that defined operational conditions for travel insurance and health organizations. Overall, the amendments aim to streamline the regulatory framework for captive insurance operations, enhance transparency, and ensure effective oversight of the insurance market in Kansas.

Statutes affected:
As introduced: 40-4302, 40-4304, 40-4308, 45-215, 40-4312, 40-4314
As Amended by House Committee: 40-4302, 40-4304, 40-4308, 45-215, 40-4312, 40-4314
As Amended by Senate Committee: 40-4302, 40-4304, 40-4308, 45-215, 40-4312, 40-4314
{As Amended by Senate Committee of the Whole}: 40-4302, 40-4304, 40-4308, 45-215, 40-4312, 40-4314
Enrolled: 40-2d01, 40-3302, 40-112, 40-4301, 40-202, 40-252, 40-2, 40-2c01, 40-3305, 40-3306, 40-3307, 40-3308, 45-229, 40-4302, 40-4304, 40-4308, 45-215, 40-4312, 40-4314, 40-4602, 40-4909, 40-5510