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Minutes for HB2334 - Committee on Insurance
Short Title
Updating certain terms, conditions and definitions to the captive insurance act, providing for provisional certificates of authority, incorporated cell insurance companies and protected cell captive insurance companies.
Minutes Content for Fri, Feb 14, 2025
The Chair opened the hearing on HB2334 Assistant Revisor Ma reviewed the contents of the bill and stood for questions.(Attachment 3)
Representative Tarwater spoke in favor of this bill, believes HB2334 presents a significant opportunity to strengthen Kansas' Captive Insurance sector, attract new business, and retain valuable revenue within the state. (Attachment 4) Representative Tarwater stood for questions.
Kevin Doherty, Past President and Board Member of Tennessee Captive Insurance Association via WebEx suggested the introduction of a captive insurance sector requires a law that values creativity of the business community in efforts to provide alternative insurance solutions; a proactive governor and an insurance commissioner in charge of growing and regulating captive insurance businesses; a qualified workforce, to include accountants, attorneys, bankers, and captive managers to sustain a captive sector. (Attachment 5) The conferee stood for questions.
Ryan Ralston, President, Elevated Risk Solutions, presented proponent testimony to the committee; primarily, a captive insurance sector provides flexibility and innovation with respect to risk management; providing a more stable and diverse risk pool which helps to insulate businesses from volatility that is characteristic of the commercial insurance market. (Attachment 6)
Written only proponent testimony was provided by Andrew Weins, Kansas Employees Affordable Healthcare, indicating this bill provides an additional tool of employers as they work to obtain affordable healthcare coverage. (Attachment 7).
There were no neutrals or opponents present.
The Chair closed the hearing on HB2334.
