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Minutes for SB24 - Committee on Financial Institutions and Insurance
Short Title
Authorizing the commissioner of insurance to set the amount of certain fees and requiring the publication of certain fees in the Kansas register.
Minutes Content for Thu, Jan 23, 2025
Chairperson Dietrich opened the hearing on SB24. Revisor Eileen Ma (Attachment 4) gave a brief description of the bill and stood for questions from the Committee.
Eric Turek of the Kansas Department of Insurance spoke as a proponent of the bill.(Attachment 5) He stated that the bill would grant the Commissioner the flexibility to lower more than 100 statutorily set fees. These fees would be published the following year in the Kansas Register in order for regulated entities to plan their budgets. The bill would also eliminate the annual appointed renewal fee that insurance companies pay annually per insurance agent that sell their policies in Kansas while keeping the initial appointment fee unchanged. This is expected to reduce revenues to the Department by nearly $6 million. The same version of this bill went through both Chambers last year without opposition.
Mr. Turek stood for questions from the Committee.
Elizabeth Smoller for the Kansas Association of Insurance Agents provided written proponent testimony for the Committee.(Attachment 6)
Chairperson Dietrich closed the hearing on SB24.
Next scheduled meeting is January 28, 2025.
Meeting adjourned at 10:22 a.m.
