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Minutes for HB2128 - Committee on Insurance
Short Title
Authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register, allowing certain life insurers to follow health financial reports and adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing.
Minutes Content for Wed, Feb 5, 2025
The Chair opened the hearing on HB2128. Assistant Revisor, Ma, provided an overview of the bill and stood for questions. (Attachment 1)
Proponent testimony was presented by Eric Turek, Director of Government Affairs, Kansas Department of Insurance. This bill amends Kansas insurance law relating to regulatory tools and financial oversight of 42 insurance companies operating in Kansas. Through the accreditation process, the Kansas Department of Insurance can verify that 1,600 insurance companies domiciled in other states selling policies in Kansas meet solvency standards. The conferee stood for questions. Discussion included, but was not limited to; concerns over losing opportunity to look at certain bills annually, ramifications of not being accredited, and the presence of financial stress management tools with respect to insurance companies; emphasized the need to assess financial assets to ensure claims can be paid. This bill repeals a 1927 statute, outdated and irrelevant in today's world. This bill will also give flexibility to companies that are both heath and life sellers. (Attachment 2)
There were no neutrals or opponents present.
The hearing on HB2128 was closed by the Chair.
Meeting was adjourned by the chair.
