Brief(1)
S.B. 74, as amended, amends the definition of "RBC instructions" as that term is used in risk-based capital insurance statutes. The bill requires life, health, and property and casualty insurers preparing risk capital reports to use the latest instructions promulgated by the National Association of Insurance Commissioners (NAIC) and in effect on December 31, 1998.
The Senate Committee amendment was technical.
Background
S.B. 74 was requested by the Insurance Commissioner whose representative explained that the instructions required to be used for reporting to the Commissioner and to the NAIC are updated annually. The bill directs that Kansas insurers use the latest version of the instructions.
The bill was supported by the Kansas Insurance Association whose companies have reviewed the changes in the instructions and believe there will be no substantial adverse effect from their use in Kansas.
There is no fiscal impact from this legislation.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html.