Loading chat...
KS SB32
Bill
Status
2/13/2025
Primary Sponsor
Assessment and Taxation
Click for details
AI Summary
-
Reduces the insurance company premium tax rate from 2% to 1.98% beginning in tax year 2026 for all categories of insurers, including domestic and foreign insurance companies, mutual associations, and nonprofit service corporations
-
Eliminates the requirement that 1% of premium taxes collected be credited to the insurance department service regulation fund, effective January 1, 2026
-
Maintains the insurance department service regulation fund structure, with funding to continue through fees received by the commissioner and annual assessments on affiliated insurer groups
-
Amends K.S.A. 40-112 and K.S.A. 40-252, with changes taking effect January 1, 2026
Legislative Description
Reducing insurance company premium tax rates and discontinuing remittance and crediting of a portion of the premium tax to the insurance department service regulation fund.
Last Action
House Motion to accede adopted; Representative Sutton, Representative Bergkamp and Representative Neighbor appointed as conferees
3/19/2025