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Minutes for SB121 - Committee on Financial Institutions and Insurance
Short Title
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 and adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing.
Minutes Content for Mon, Feb 10, 2025
Chairperson Dietrich called the meeting to order and opened the hearing on SB 121. Revisor Eileen Ma gave a summary of the bill before the Committee and stood for questions. (Attachment 1)
Eric Turek of the Department of Insurance testified before the Committee as a proponent of the bill. (Attachment 2) He explained that the bill contains requirements for the Kansas Department of Insurance to maintain accreditation with the National Association of Insurance Commissioners (NAIC). This ensures that Kansas is uniformly determining solvency standards of domestic insurance companies in Kansas and verifying the solvency of companies selling policies in Kansas but located in other states. The bill also addresses requirements for the submission of financial statements to the Department, repeals an obsolete statute, and updates two financial regulatory tools that enable the Department to identify potential financial vulnerabilities of insurance companies. Mr. Turek stood for questions and also introduced Tish Becker, Director of Financial Surveillance Division for the Department of Insurance who was able to address the finer points of the regulatory tools.
Reagan Cussimanio of the University of Kansas Health System also spoke in favor of the bill.(Attachment 3) She communicated that she would like for there to be an amendment to the bill regarding self-funded health plans. Ms. Cussimanio stood for questions from the Committee and introduced Janet Mark, Assistant Counsel for the University of Kansas Health System who could answer more detailed questions from the Committee.
Chairperson Dietrich closed the hearing on SB 121.
