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, transferring all its powers, duties, and functions to this newly named entity. Additionally, the office of the securities commissioner is renamed the department of insurance, securities division, with the securities commissioner being rebranded as 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 they are amended or revoked.

Furthermore, the bill amends existing statutes to reflect these changes, including the deletion of references to the former names of the departments and positions. It consolidates administrative functions between the two divisions to enhance efficiency and allows for cross-appointments of employees. The bill also repeals several outdated statutes related to the previous structure. The changes are set to take effect upon publication in the statute book.

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