The bill amends K.S.A. 40-3406 to update the investment options available for the fund managed by the director of investments, following consultation with the board of governors. Key changes include the removal of the word "which" in several instances, clarifying the language regarding the types of investments permissible. The bill specifies that the director may invest in direct obligations of the United States, repurchase agreements with Kansas banks, commercial paper with high credit ratings, interest-bearing time deposits, the municipal investment pool fund, corporate bonds with strong ratings, and other investments authorized for insurance companies, provided they comply with applicable statutes.

Additionally, the bill repeals the existing K.S.A. 40-3406, indicating a complete overhaul of the previous law. The act will take effect upon its publication in the statute book, ensuring that the updated investment policies are implemented promptly.

Statutes affected:
As introduced: 40-3406