Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.
Enacting the Kansas protected cell captive insurance company act, providing for the redomestication of a foreign or alien captive insurance company and updating certain terms, requirements and conditions of the captive insurance act, reducing insurance company premium tax rates, creating parity between the insurance agent and public adjuster licensing requirements, authorizing insurers to file certain travel insurance policies under the accident and health line of insurance and authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register not later than December 1 of the current year.
Requires pure captive insurance companies and group captive insurance companies who are a public entity, political subdivision, public authority, public benefit corporation, or a subsidiary thereof to hold at least two meetings each year in this state, have a majority of members required to be residents of this state, file an annual report with the governor, the temporary president of the senate, the speaker of the assembly, and the minority leaders of the senate and assembly, and submit to additional examinations.