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Bill > HB2334

KS HB2334

KS HB2334
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 c

summary

Introduced
02/07/2025
In Committee
03/18/2025
Crossed Over
02/25/2025
Passed
04/10/2025
Dead
Signed/Enacted/Adopted
04/10/2025

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT concerning insurance; relating to captive insurance companies; providing for incorporated cell captive insurance companies and protected cell captive insurance companies; enacting the Kansas protected cell captive insurance company act; providing for the redomestication of a foreign or alien captive insurance company; providing for a provisional certificate of authority; expanding the types of insurance that a captive insurance company may provide; extending the period of time in between financial examinations conducted by the commissioner; exempting a redomesticated foreign or alien captive insurance company from paying premium tax for one year; reducing insurance company premium tax rates; discontinuing remittance and crediting of a portion of the premium tax to the insurance department service regulation fund; updating the licensing requirements for insurance agents and public adjusters relating to the suspension, revocation, denial of licensure and license renewal; authorizing insurers to file certain travel insurance policies under the accident and health line of insurance; 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; allowing certain life insurers to follow health financial reports; adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing; exempting certain entities from state regulations as health benefit plans; amending K.S.A. 40-112, 40-202, 40-252, 40-2d01, 40-3302, 40-3305, 40-3306, 40-3307, 40-3308, 40-4304, 40-4312, 40-4314, 40-4602 and 40-5510 and K.S.A. 2024 Supp. 40-2,239, 40-2c01, 40-4302, 40-4308 and 40-4909 and repealing the existing sections.

AI Summary

This bill enacts the Kansas protected cell captive insurance company act, introducing a comprehensive framework for creating and operating protected cell captive insurance companies. The legislation allows one or more sponsors to form a protected cell captive insurance company, which can be structured as a stock insurer, mutual corporation, nonprofit corporation, or limited liability company. Key provisions include establishing distinct rules for creating and managing protected cells, which are separate accounts within the insurance company where assets and liabilities can be segregated and insulated from the company's general account. The bill provides detailed definitions and requirements for participants, participant contracts, and the financial management of these protected cells, including how assets and liabilities can be attributed and managed. Additionally, the bill makes several technical amendments to existing insurance laws, including reducing premium tax rates for insurance companies, updating licensing requirements for insurance agents and public adjusters, and authorizing insurers to file certain travel insurance policies under different insurance lines. The legislation aims to provide more flexibility and regulatory clarity for captive insurance companies operating in Kansas, while maintaining consumer protections and financial oversight.

Committee Categories

Business and Industry

Sponsors (0)

No sponsors listed

Other Sponsors (1)

Insurance (H)

Last Action

House Approved by Governor on Tuesday, April 8, 2025 (on 04/10/2025)

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Document Type Source Location
State Bill Page https://kslegislature.gov/li/b2025_26/measures/hb2334/
BillText https://kslegislature.gov/li/b2025_26/measures/documents/hb2334_enrolled.pdf
Conference Committee Report https://kslegislature.gov/li/b2025_26/measures/documents/ccr_2025_hb2334_s_2225.pdf
Analysis - Conference Committee Report Brief https://kslegislature.gov/li/b2025_26/measures/documents/ccrb_hb2334_01_3252025.pdf
Analysis - Supplemental Note: {As Amended by Senate Committee of the Whole} https://kslegislature.gov/li/b2025_26/measures/documents/supp_note_hb2334_03_0000.pdf
BillText https://kslegislature.gov/li/b2025_26/measures/documents/hb2334_03_0000.pdf
Senate Floor Amendment (Committee of the Whole - Motion to Amend - Offered by Senator Francisco) https://kslegislature.gov/li/b2025_26/measures/documents/fa_2025_hb2334_s_2138.pdf
BillText https://kslegislature.gov/li/b2025_26/measures/documents/hb2334_02_0000.pdf
Senate Committee on Financial Institutions and Insurance Report https://kslegislature.gov/li/b2025_26/measures/documents/cr_2025_hb2334_s_1990.pdf
Analysis - Supplemental Note: As Amended by Senate Committee https://kslegislature.gov/li/b2025_26/measures/documents/supp_note_hb2334_02_0000.pdf
BillText https://kslegislature.gov/li/b2025_26/measures/documents/hb2334_01_0000.pdf
House Committee on Insurance Report https://kslegislature.gov/li/b2025_26/measures/documents/cr_2025_hb2334_h_1493.pdf
Analysis - Supplemental Note: As Amended by House Committee https://kslegislature.gov/li/b2025_26/measures/documents/supp_note_hb2334_01_0000.pdf
Fiscal Note - Ficsal Note: As introduced https://kslegislature.gov/li/b2025_26/measures/documents/fisc_note_hb2334_00_0000.pdf
BillText https://kslegislature.gov/li/b2025_26/measures/documents/hb2334_00_0000.pdf
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