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Jan. 17, 2018
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Minutes for SB15 - Committee on Financial Institutions and Insurance

Short Title

Updating the effective date of risk based capital instructions.

Minutes Content for Tue, Jan 17, 2017

Eileen Ma gave an overview of the bill, noting that this is the annual update in which the legislature reviews and updates the version of risk-based capital (RBC) instructions that have been endorsed by the National Association of Insurance Commissioners (NAIC).

Clark Shultz spoke in support of the bill.  He stated that the RBC instructions have been updated every year since 2009.  The manual containing the instructions is very complex.  It instructs companies how to calculate and report RBC.  The goal of these laws is to ensure each Kansas domestic company has the requisite amount of capital needed to support overall business operations considering its size and risk profile.  Implementing the RBC Instructions is a national accreditation standard.  Mr. Shultz answered questions from the members.   (Attachment 1)

Chairperson Longbine called for other conferees who wanted to speak.  Seeing none, the Chairperson closed the hearing on SB15.