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 re-designated as the department of insurance assistant commissioner, securities division. All existing rules and regulations from both the former insurance department and the securities office will remain in effect until they are amended or revoked.

Furthermore, the bill amends existing statutes to reflect these changes, including the deletion of references to the former titles and the establishment of the new titles within the Kansas statutes. It also includes provisions for the continued operation of the existing rules and regulations under the new department structure. 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