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Minutes for SB410 - Committee on Financial Institutions and Insurance
Short Title
Updating captive insurance statutes and providing for association and branch captive insurance companies and special purpose insurance captives.
Minutes Content for Wed, Feb 14, 2018
The Chairperson turned the committee's attention to and opened the hearing on SB410.
Eileen Ma, Assistant Revisor of Statutes, gave an overview of the bill and distributed a Memorandum with an Index of Sections of the bill. Ms. Ma told the committee this bill updates the Kansas Statutes with regard to captive insurance companies, of which most statutes have not been updated since originally enacted in 1988. Of the 18 current statutes on this subject, SB410 updates 14 sections, repeals 2 sections, and enacts 35 new sections. Ms. Ma also mentioned that if the committee chooses to move the bill forward, it will still require a technical amendment. (Attachment 6)
Ken Selzer, Kansas Insurance Commissioner, testified in support of SB410. Commissioner Selzer introduced Grace Lancaster, Staff Attorney with the legal department in the Insurance Commissioner's office, who did substantial work in researching other successful states' legislation and also assisted in constructing the bill. Commissioner Selzer told the committee that the bill was constructed similarly to very successful legislation in Missouri, Louisiana, Georgia, North Carolina, and Vermont. He stated that our statute was designed to create captives that are attractive to Kansas corporations and will help keep Kansas assets in Kansas. (Attachment 7)
Commissioner Selzer and Ms. Lancaster responded to comments and questions from committee members.
There being no further discussion or questions, and no other proponent, opponent, or neutral testimony submitted, Chairperson Longbine closed the hearing on SB410.
The Chairperson outlined tomorrow's meeting including a hearing on SB395, then taking action on SB348, SB410, and SB351. We will be Pro Forma on Friday, and there currently is no meeting scheduled for Monday.
The meeting adjourned at 10:25 am. The next scheduled meeting is tomorrow, Thursday, February 15, 2018 at 9:30 am.
