Eliminating the requirement that the commissioner submit certain reports to the governor and removing certain specific entities from the definition of person for the purpose of enforcing insurance law.
Impact
In addition to simplifying reporting requirements, SB27 introduces changes to the definitions and enforcement mechanisms associated with insurance laws. Notably, the bill proposes to refine the definition of 'person' for the purposes of enforcing insurance laws by removing certain specific entities from this definition. This could have implications on how various insurance-related entities are regulated and could lead to shifts in regulatory focus depending on the entities included or excluded from oversight.
Summary
Senate Bill 27 seeks to reform aspects of insurance regulation in Kansas by primarily altering the powers and responsibilities of the insurance commissioner. One of the key changes proposed is the elimination of the requirement for the commissioner to submit annual reports regarding the insurance industry's condition to the governor. This move is aimed at reducing administrative burdens and streamlining the regulatory process for insurance companies operating within the state.
Contention
Controversy surrounding SB27 primarily revolves around the potential risks of reducing oversight and accountability in the insurance sector. Critics argue that the elimination of the reporting requirement could diminish transparency and hinder the governor's ability to monitor the health of the state’s insurance market effectively. Conversely, proponents believe that the bill will encourage a more efficient regulatory environment that fosters business growth by allowing the insurance commissioner more discretion in regulatory enforcement without the burden of unnecessary reports.
Updating certain statutory references contained in chapter 40 of the Kansas Statutes Annotated; specifying certain requirements of documents submitted by medicare provider organizations and health maintenance organizations to demonstrate fiscal soundness; removing the requirement of a documented written demand for premium as part of a prima facie case; adding certain legal entities to the definition of person for purposes of violations of insurance law; and updating the version of risk-based capital instructions in effect.
Reducing the number of appointed board members on certain insurance-related governing boards and the frequency of meetings of the the committee on surety bonds and insurance.
Providing a deduction from sales or compensating use tax when selling and buying different motor vehicles within 120 days, providing an exemption for certain purchases by disabled veterans of the armed forces of the United States, excluding manufacturers' coupons from the sales or selling price for sales tax purposes, providing sales tax exemptions for custom meat processing services and purchases for the construction or repair of buildings used for human habitation by the Kansas state school for the blind and the Kansas state school for the deaf, providing sales tax exemptions for certain purchases by doorstep inc., exploration place, inc., Kansas children's discovery center, inc. and the Kansas fairgrounds foundation and providing for a sales tax exemption for sales of property and services used in the provision of communications services.
Enacting the Kansas campus restoration act to address deferred maintenance and demolition of facilities at postsecondary educational institutions, establishing the Kansas campus restoration fund in the state treasury and authorizing certain transfers from the state general fund to such fund.
Relating to the wildlife and parks commission, granting appointment authority to multiple state officers and authorizing the election of the chairperson thereof.
Authorizing the commissioner of insurance to set the amount of certain fees, specifying permissible uses of information obtained from background checks, fingerprinting and criminal history records checks; discontinuing annual registration fees for prepaid service plans and modifying reporting requirements related to such plans; and decreasing the premium tax rate imposed on surplus lines insurance.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.