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Minutes for SB25 - Committee on Insurance
Short Title
Decreasing the premium tax rate imposed on surplus lines insurance from 6% to 3%.
Minutes Content for Wed, Mar 1, 2023
Chairman opened the hearing on SB25.
Eileen Ma, Revisor provided a briefing on the bill.(Attachment 1)
Proponents:
Elizabeth Smoller, General Counsel, Kansas Association of Insurance Agents(Attachment 2)
This premium tax started in 1982 at 6%. No one knows the history why it started at 6%. They are asking to move it to 4%. This is a tax for non-admitted carriers. These are carriers that offer insurance coverage for things that aren't normally offered by general insurance carriers. This would lower the amount the public is paying on this type of insurance.
Written:
Marlee Carpenter, Kansas Association of Property and Casualty Insurance Companies (KAPCIC)(Attachment 3)
Robert Fee, President, Fee Insurance Agency, Hutchinson, KS(Attachment 4)
John H. Meetz, Director of Government Relations, Wholesale & Specialty Insurance Association (WSIA)(Attachment 5)
Dirk Daveline, Vice President/Chief Financial Officer and Treasurer, SPS Companies, Manhattan, KS(Attachment 6)
Opponents: None
Neutral: None
Questions asked and answered.
The Chairman closed the hearing on SB25.
