KS HB2334

Establishes the Kansas Protected Cell Captive Insurance Company Act, allowing formation of protected cell captive insurance companies where assets and liabilities of each protected cell are segregated from other cells and the company's general account, with minimum capital and surplus requirement of $100,000 for protected cell captive insurers.

Allows foreign or alien captive insurance companies to redomesticate to Kansas by filing organizational documents with the secretary of state, with a one-year premium tax exemption available during either the first or second year of operations after redomestication.

Reduces insurance company premium tax rates from 2% to 1.98% beginning tax year 2026, and discontinues the 1% of premium taxes previously credited to the insurance department service regulation fund effective January 1, 2026.

Extends the period between mandatory financial examinations of captive insurance companies from every three years to every five years, and reduces the initial application fee for captive insurance companies from $10,000 to up to $2,500.

Updates insurance agent and public adjuster licensing requirements to align grounds for license denial, suspension, revocation, or non-renewal, including adding failure to respond to commissioner inquiries within 15 business days and requiring consideration of rehabilitation factors when reviewing applicants with criminal convictions.