The bill proposes a reorganization of the Kansas insurance and securities regulatory framework. It renames the Kansas insurance department to the Kansas department of insurance and transfers all its powers, duties, and functions to this newly named department. Additionally, the office of the securities commissioner is renamed the department of insurance, securities division, with the securities commissioner being renamed the department of insurance assistant commissioner, securities division. All existing rules and regulations from both the Kansas insurance department and the office of the securities commissioner will remain effective until amended or revoked.

Furthermore, the bill amends existing statutes to reflect these changes, including the deletion of references to the former names and positions. It also consolidates administrative functions between the two departments to enhance efficiency. The act will take effect upon its publication in the Kansas register.

Statutes affected:
As introduced: 40-102, 75-6301, 75-6302, 75-6303, 75-6304, 75-6305, 75-6306
As Amended by Senate Committee: 40-102, 75-6301, 75-6302, 75-6303, 75-6304, 75-6305, 75-6306