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Minutes for HB2334 - Committee on Financial Institutions and Insurance
Short Title
Updating certain terms, conditions and definitions to the captive insurance act, providing for provisional certificates of authority, incorporated cell insurance companies and protected cell captive insurance companies.
Minutes Content for Wed, Mar 5, 2025
Chairperson Dietrich opened the hearing on HB2334. Revisor Eileen Ma gave a summary of the bill and stood for questions from the Committee.(Attachment 8)
Representative Tarwater of the Kansas House of Representatives spoke in favor of the bill.(Attachment 9)(Attachment 10) He stated that this bill would enable companies to self-insure portions of their own risk which would enable cost savings, provide cost controls, provide better stability and predictability, customization of coverage and underwriting, and have better management and efficiency in claims processing. He believes that this would give Kansas an opportunity to attract new business in this area and retain revenue which is going to other states who have more business friendly environments. He was joined via WebEx by Michael Corbett and Kevin Doherty who were past presidents of the Tennessee Captive Insurance Association and helped with much of the legislation regarding captive insurance in Tennessee.
Written proponent testimony was received from Andrew Wiens for the Kansas Employers Affordable Healthcare (Attachment 11) and Ryan Ralston of Elevate Risk Solutions.(Attachment 12)
The hearing was left open and to be continued the following week.
Next meeting is scheduled for March 6th.
Meeting adjourned at 10:26 a.m.
