KS SB422

Nonresident insurance agent licenses may be revoked without notice or hearing 30 days after the commissioner receives notification that the agent no longer holds a license in their home state; the commissioner must inform the nonresident of the revocation within 30 days of the revocation date.

Insurance agents and public adjusters must respond to commissioner inquiries within 14 calendar days when the inquiry concerns a complaint or relates to a particular matter; failure to respond constitutes grounds for license denial, suspension, or revocation.

Foreign insurance companies seeking Kansas authorization must not be controlled by another U.S. state, a foreign government, or any political subdivision of either; the bill reorganizes and clarifies existing requirements for such companies.

Requirements for financial examination reports and operational history (3+ years) may be waived for subsidiary/affiliate companies with substantially the same management as an admitted company, continuing corporations from mergers, or companies whose admission serves the best public interest.

The commissioner may waive the two-year waiting period for license reapplication for nonresident licensees whose licenses were revoked solely due to loss of their home state license.