Minutes for SB347 - Committee on Financial Institutions and Insurance

Short Title

Concerning insurance department regulations for financial examinations, including requirements for hiring consultants, examination fees and examiner compensation.

Minutes Content for Wed, Feb 12, 2020

Chairman Olson opened the hearing on the bill and called upon Eileen Ma for a Revisor of Statutes overview on the bill.

Chairman Olson called upon Lee Modesitt for proponent testimony on the bill.

Mr. Modesitt explained why updating the NAIC standards is very important for accreditation and provides for more effective regulation of insurance industry entities. There were several committee questions as to the technical aspects of NAIC accreditation.

(Attachment 3)

Written Only Neutral Testimony:

Marlee Carpenter, Kansas Association of Property & Casualty Insurance Companies.

(Attachment 4)

Seeing no more testimony or committee questions, Chairman Olson closed the hearing on the bill.

Chairman Olson closed the hearing on the bill.