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Minutes for SB16 - Committee on Insurance
Short Title
Amending the insurance holding company act.
Minutes Content for Tue, Mar 7, 2017
Chairperson Vickrey opened the hearing on SB 16.
Jason Thompson, Senior Assistant Revisor of Statutes, briefed members on SB 16. He said the bill enacted new insurance company holding company system regulatory law and corporate governance annual disclosure law, largely based on the provisions of NAIC model law. He added the Senate Committee amended the bill to remove the proposed amendment to K.S.A. 40-3305.(Attachment 4)
Clark Shultz testified in support of the bill. He said it was a complex bill but large insurance companies were complex. In 2010, the NAIC finalized a model holding company act. The bill insured companies were scrutinized and the consumer was kept safe. He said the initial uniform language was adopted by all 50 states. This bill updated the act with 2014 NAIC model language.It also added an accrediting component. Mr. Shultz said not passing the act would affect the department's accreditation and other companies may not want to do business in Kansas. (Attachment 5)
Chairperson Vickrey opened the meeting for questions. There were no questions.
Chairperson Vickrey closed the hearing on SB 16.
The meeting was adjourned at 10:10 a.m.
