Kansas: NAMIC Urges Senate Committee to Pass Favorable Holding Company Bill
NAMIC sent a testimony letter to the Kansas Senate Financial Institutions and Insurance Committee urging the committee to support HB 2007. The committee will hear the bill on March 14.
The bill brings the state’s insurance holding company law into conformance with recent NAIC changes to the Model Holding Company Act.
As drafted with NAMIC’s support, the bill exempts Kansas domestics with less than $300 million in annual premium from the MHCA’s new requirement to submit the Enterprise Risk Report, or Form F. Requiring small- and medium-sized companies to submit this report, which is designed for very large companies, would impose unnecessary costs upon the companies with no benefit to the public.
The bill has already passed the House and it is expected that the Senate will also favor it. Thus, at this time we are not seeking grassroots supports from Kansas companies, but if the situation changes, we will let you know.
State Affairs Manager