Increasing the maximum amount of yearly income tax credits available for purchases under the disability employment act from qualified vendors, continuing in existence such credits beyond tax year 2023 of eligible purchases available for such credit and further defining qualifying vendors and employees eligible for the credit, establishing a grant program to facilitate transitions by employers to minimum wage employment for persons with disabilities and creating the Kansas sheltered workshop transition fund.
Impact
The impact of SB15 on state laws includes a restructuring of penalties for agents and brokers who fail to pay insurance premiums. Under the amended provisions, agents or brokers who mismanage premiums would face varying levels of felony charges, depending on the amount involved. This amendment could potentially enhance consumer protection by ensuring that collected premiums are properly handled and that penalties are more effectively imposed on violators.
Summary
Senate Bill No. 15 aims to amend existing provisions relating to penalties associated with insurance agents and brokers who fail to remit collected premiums to insurance companies. By modifying K.S.A. 40-247, the bill removes the necessity for a documented written demand as part of establishing a prima facie case against an agent or broker for mishandling premiums. This change is intended to streamline the process of enforcing compliance among agents and brokers, thus promoting accountability in the insurance industry.
Contention
While SB15 seems to attract support for its consumer protection intentions, there may be concerns regarding its implications on agents and brokers. The elimination of the requirement for a documented demand may accelerate the prosecution of agents or brokers, which some stakeholders may view as disproportionate punishment, particularly for minor infractions. Discussions surrounding the fairness of the penalties and the procedural changes may arise among industry representatives and regulatory bodies, especially in how it balances consumer protection with fair practices in the insurance profession.
Increasing the maximum amount of yearly income tax credits available for purchases under the disability employment act from qualified vendors, continuing in existence such credits beyond tax year 2023 of eligible purchases available for such credit and further defining qualifying vendors and employees eligible for the credit, establishing a grant program to facilitate transitions by employers to minimum wage employment for persons with disabilities and creating the Kansas sheltered workshop transition fund.
Decreasing individual income tax rates, discontinuing tax credits of the high performance incentive program and the Kansas affordable housing tax credit act, discontinuing payroll withholding tax benefits of the promoting employment across Kansas act, discontinuing the crediting of certain amounts to the job creation program fund and repealing certain tax credits.