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KS HB2050
Bill
Status
4/10/2025
Primary Sponsor
Insurance
Click for details
AI Summary
- Renames the Kansas Insurance Department to the "Kansas Department of Insurance" and renames the Office of the Securities Commissioner to the "Department of Insurance, Securities Division," with the securities commissioner becoming the "Department of Insurance Assistant Commissioner, Securities Division" effective July 1, 2025
- Authorizes the Commissioner of Insurance to annually set and publish various licensing, filing, and regulatory fees in the Kansas Register by December 1 for the following calendar year, with maximum fee caps specified throughout the statute
- Reduces the size of multiple insurance-related governing boards: the automobile insurance assigned risk plan board from 9 to 5 members, the workers compensation assigned risk plan board from 9 to 7 members, the professional liability insurance plan board from 9 to 5 members, and the personal injury protection assigned claims plan committee from its current size to 5 members, with new appointments effective January 1, 2026
- Eliminates the requirement for Senate confirmation of the Department of Insurance Assistant Commissioner, Securities Division appointee
- Increases the minimum capital/surplus requirement for nonadmitted insurers on the eligible insurer list from $4,500,000 to $15,000,000 and requires the commissioner to maintain a list of eligible nonadmitted insurers who may provide excess coverage insurance and transact business with vehicle dealers in Kansas
Legislative Description
Authorizing the commissioner of insurance to set the amount of certain fees and cause the publication of such fees in the Kansas register, authorizing the commissioner to reduce the number of board members on certain insurance-related boards, renaming the Kansas insurance department as the Kansas department of insurance, renaming the office of the securities commissioner as the department of insurance, securities division, renaming the securities commissioner as the department of insurance, assistant commissioner, securities division and eliminating the requirement of senate confirmation for appointees to such position, requiring the commissioner of insurance to maintain a list of eligible nonadmitted insurers and authorizing such nonadmitted insurers to transact business in Kansas with vehicle dealers and to provide excess coverage insurance on Kansas risks.
Last Action
House Approved by Governor on Tuesday, April 8, 2025
4/10/2025