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Minutes for HB2042 - Committee on Insurance
Short Title
Requiring title agents to make their audit reports available for inspection instead of submitting such reports annually, requiring the amount of surety bonds filed with the commissioner of insurance to be $100,000, eliminating the controlled business exemption in certain counties.
Minutes Content for Mon, Jan 27, 2025
The hearing on HB2042 was opened by the Chair. Assistant Revisor Ma addressed the contents of the bill and stood for questions. (Attachment 1)
Kyle Strathman, Deputy Chief of Staff, Kansas Department of Insurance, spoke in favor of the bill and stood for questions. (Attachment 2) An ask for clarification of controlled business was made. Control business may occur when title insurance agents also have a realty division, and are currently limited to a percentage of business coming from the controlled business relationship; certain committee members expressed concern over the cost of the surety bond and the resulting affect on smaller title insurance agencies in Kansas. Additionally, the conferee was questioned on the proposed change to audit reporting and the affect on the insurance commissioner's ability to address compliance issues in a timely manner with approximately 2,000 registered agents in Kansas.
There were no neutrals or opponents present; with no further questions forthcoming, the Chair closed the hearing on HB2042.
