Kansas 2023-2024 Regular Session

Kansas Senate Bill SB397

Introduced
1/25/24  
Refer
1/26/24  

Caption

Eliminating annual controlled business reporting requirements placed on title agents and insurers.

Impact

The bill is expected to impact state insurance laws significantly, particularly those governing the operations of title agents and insurers. By removing the annual reporting requirement, the insurance commissioner potentially shifts informed regulatory oversight towards a more trust-based approach with title insurance entities. This change may strengthen the business operations of title insurers, as they can now operate without the burden of frequent mandatory disclosures regarding controlled business activities, thus providing more flexibility in their operations.

Summary

Senate Bill 397 aims to reform title insurance practices in Kansas by eliminating the annual controlled business reporting requirements placed on title agents and insurers. This legislative move seeks to simplify compliance for title insurance providers by removing bureaucratic hurdles associated with reporting their financial interests. Supporters of the bill believe that this will lead to operational efficiencies and lower administrative costs for title insurers, enabling them to allocate resources more effectively to customer services and policy issuance.

Contention

Nevertheless, this bill has generated some concern among advocates for consumer protection and insurance regulation. Critics argue that eliminating these reporting requirements may reduce transparency in the title insurance market, allowing for potential conflicts of interest to go unchecked. They fear that the lack of oversight can lead to unfair practices where title agents with financial interests direct business to affiliated insurers without adequate disclosure, undermining consumer trust. The debate around SB 397 highlights the balancing act between regulatory efficiency and consumer protection in insurance practices.

Companion Bills

No companion bills found.

Previously Filed As

KS SB22

Requiring title agents to make their audit reports available for inspection instead of submitting such reports annually, requiring the amount of surety bonds filed with the commissioner of insurance to be $100,000 and eliminating the controlled business exemption in certain counties.

KS HB2042

Requiring title agents to make their audit reports available for inspection instead of submitting such reports annually, requiring the amount of surety bonds filed with the commissioner of insurance to be $100,000, eliminating the controlled business exemption in certain counties.

KS SB23

Requiring agents and insurers to respond to inquiries from the commissioner of insurance within 14 calendar days and authorizing certain rebate pilot programs to exceed one year in duration.

KS HB2043

Requiring agents and insurers to respond to inquiries from the commissioner of insurance within 14 calendar days and authorizing certain rebate pilot programs to exceed one year in duration.

KS SB42

Providing for the establishment of a web-based online insurance verification system for the verification of evidence of motor vehicle liability insurance, eliminating the requirement that the commissioner of insurance submit certain reports to the governor and requiring certain reports be available on the insurance department's website, removing certain entities from the definition of person for the purpose of enforcing insurance law, requiring that third party administrators maintain separate fiduciary accounts for individual payors and prohibiting the commingling of funds held on behalf of multiple payors, requiring the disclosure to the commissioner of insurance of any bankruptcy petition filed by or on behalf of such administrator pursuant to the United State bankruptcy code, requiring title agents to make their reports available for inspection upon request of the commissioner of insurance instead of submitting such reports annually, standardizing the amount of surety bonds filed with the commissioner of insurance at $100,000 and eliminating the small business exemption in certain counties.

KS HB2404

Enacting the Kansas protection of pensions and businesses against ideological interference act, relating to ideological boycotts involving environmental, social or governance standards, requiring KPERS to divest from and prohibiting state contracts or the deposit of state moneys with entities engaged in such boycotts as determined by the state treasurer and prohibiting discriminatory practices in the financial services industry based on such boycotts.

KS SB55

Prohibiting the assignment of benefits under certain property and casualty insurance contracts and defining such assignment of benefits as an unfair method of competition and unfair or deceptive act or practice.

KS SB224

Enacting the Kansas protection of pensions and businesses against ideological interference act, relating to ideological boycotts involving environmental, social or governance standards, requiring KPERS to divest from and prohibiting state contracts or the deposit of state moneys with entities engaged in such boycotts as determined by the state treasurer and prohibiting discriminatory practices in the financial services industry based on such boycotts.

KS SB551

Unfair insurance practices; modifying rebate actions to be considered unfair methods of competition or unfair and deceptive acts in the business of insurance. Effective date.

KS SB551

Unfair insurance practices; modifying rebate actions to be considered unfair methods of competition or unfair and deceptive acts in the business of insurance. Effective date.

Similar Bills

LA SB101

Provides with respect to life insurance reserves. (1/1/14)

AL SB166

Insurance Dept., life and annuity policies, standard nonforfeiture law for individual deferred annuities, group capital calculation and stress test, providing for holding companies, duties to Commission and lead state commissioner, small company alternative valuation provision, exemptions, exemption premium based on valuation manual of NAIC, Commissioner of Insurance may regulate by rule, Secs. 27-15-28.2, 27-29-1, 27-29-3, 27-29-4, 27-29-7, 27-36A-20 am'd.

AL HB78

Insurance Dept., life and annuity policies, standard nonforfeiture law for individual deferred annuities, group capital calculation and stress test, providing for holding companies, duties to Commission and lead state commissioner, small company alternative valuation provision, exemptions, exemption premium based on valuation manual of NAIC, Commissioner of Insurance may regulate by rule, Secs. 27-15-28.2, 27-29-1, 27-29-3, 27-29-4, 27-29-7, 27-36A-20 am'd.

CA AB962

Hospitals: procurement contracts.

CA AB2045

Insurance.

NJ S3745

Renames Division of Purchase and Property; revises certain aspects of State procurement process; repeals MacBride principles certification requirement.

NJ A5611

Renames Division of Purchase and Property; revises certain aspects of State procurement process; repeals MacBride principles certification requirement.

NJ S1316

Renames Division of Purchase and Property; revises certain aspects of State procurement process; repeals MacBride principles certification requirement.