House Status:
Senate Status:
Senate Status:
Minutes for SB28 - Committee on Insurance
Short Title
Updating the expiration date of risk-based capital instructions.
Minutes Content for Mon, Mar 11, 2019
Chairperson Vickrey opened the hearing on SB 28.
Assistant Revisor Eileen Ma briefed the members on the bill. She said that insurers were required to annually file their risk-based capital report with the commissioner of insurance and the bill amended the effective date of the instructions insurers used to December 31, 2018 (Attachment 1)
The Chairperson asked if there were any proponents:
Lee Modesitt, Kansas Insurance Department, provided written testimony in support of the bill. He said the bill concerned a standard regulatory tool referred to as risk-based capital (RBC). The goal of the RBC law was to insure each Kansas domestic company had the required capital needed to support its operations. The bill amended the statute to replace 2017 with 2018 in the definition of RBC instructions. He added that the Senate unanimously passed the bill and the committee previously heard the house version of the bill which passed the House unanimously (Attachment 2)
The chairperson asked if there were other persons wanting to testify on the bill. There were none and he closed the hearing on SB 28.
