Bill
HB 2050
House Bill 2050 allows Kansas' Insurance Commissioner to set and publish fees, eliminates annual renewal fees, and aims to reduce costs for insurance entities.
House Bill 2050 aims to enhance the regulatory framework governing the fees and fines associated with insurance applications, licenses, and related filings in Kansas. The bill empowers the Commissioner of Insurance to set these fees, ensuring they remain within established statutory limits while also providing a mechanism for annual publication of these fees.
Fee Setting Authority: The bill authorizes the Commissioner of Insurance to establish the amount of fees and fines for various insurance-related applications and licenses, including those for public adjusters.
Annual Publication Requirement: The Commissioner is required to publish the set fees and fines for the upcoming calendar year in the Kansas Register by December 1 each year.
One-Time Fee for Newly Certified Agents: A one-time fee will be established for all newly certified agents associated with an insurance company. This fee will remain in effect until the termination of the agent's appointment.
Elimination of Annual Appointment Renewal Fees: The bill proposes to eliminate the annual appointment renewal fee that insurance companies currently pay for each agent selling policies on their behalf in Kansas. This change is expected to reduce the Department's revenue by approximately $6 million.
Maximum Fee Limits: The bill maintains existing statutory maximums for various fees, including those for applications, licenses, and annual renewals for different types of insurance entities.
Insurance Entities and Public Adjusters: The bill directly affects insurance companies, fraternal benefit societies, and public adjusters by modifying the fee structure and potentially reducing their operational costs.
Kansas Insurance Department: The elimination of the appointment renewal fee is anticipated to significantly impact the Department's revenue, necessitating adjustments in budget planning and operations.
Regulated Entities: By requiring the publication of fees in advance, the bill allows regulated entities to better plan their budgets for the upcoming year.
House Bill 2050 represents a significant shift in the regulatory landscape for insurance fees in Kansas, aiming to provide greater flexibility and transparency for insurance entities while also reducing administrative burdens. The bill's progress through the legislative process will determine its final impact on the insurance industry in the state.
Compiled from official sources — confirm details with the bill’s official record.
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