The Kansas Health Insurance Affordability Transparency Act mandates the Kansas Department of Insurance to prepare financial impact reports on health insurance legislation upon request from legislators. The act defines key terms such as "cost-sharing," "covered individual," and "health insurance legislation," which includes any new requirements or changes affecting health insurers or administrators. The department is required to issue a data call to relevant health insurers and administrators to gather necessary information for the report, which will assess the potential financial implications for covered individuals, including changes in premiums and the number of Kansans affected.

Additionally, the act ensures that the final report will not disclose the names of health insurers and will maintain confidentiality regarding the data collected. This information will be protected from public disclosure and will not be admissible in civil actions. The confidentiality provisions are set to expire on July 1, 2031, unless renewed by the legislature. The act will take effect upon its publication in the statute book.