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Minutes for SB22 - Committee on Financial Institutions and Insurance
Short Title
Updating statutes relating to the regulation of third party administrators.
Minutes Content for Wed, Jan 18, 2017
Chairperson Longbine opened the hearing on SB22. Eileen Ma presented an overview of the bill and distributed a Memorandum explaining the new sections and provisions of the bill, then stood for questions; there were none. (Attachment 4)
Clark Shultz appeared in support of SB22. He explained that the bill updates the statutes related to third party administrators, which are businesses who underwrite, collect premium, adjust claims and perform other functions on behalf of insurance companies. Mr. Shultz told the members that passage of this bill assures other states that third party administrators domiciled in Kansas are properly regulated businesses, which is important for both Kansas consumers and Kansas businesses seeking to do business in other states. He urged favorable consideration and expedient passage of SB22. Mr. Shultz answered questions from Senators Billinger and Wilborn. (Attachment 5)
There being no other questions or discussion, and no other conferees or written-only testimony submitted, Chairperson Longbine closed the hearing on SB22.
Chairperson Longbine announced to the members that the committee would work this bill next week because of its reciprocal nature and the Insurance Department's request for the bill to become effective upon its publication in the Kansas Register.
There being no other business for the day, the meeting adjourned at 10:20 am. The next scheduled meeting is Thursday, January 19, 2017.
