Kansas Insurance Department Overview and Achievements
Discover the latest updates from the Kansas Insurance Department, including regulatory changes, NAIC accreditation, producer licensing improvements, legislative updates, and the evolution of securities regulation in Kansas. Learn about the department's commitment to making government work better and more efficiently under Commissioner Vicki Schmidt.
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Presentation Transcript
THE KANSAS INSURANCE DEPARTMENT PRESENTS Making Government Work Better and More Efficient Vicki Schmidt - Commissioner
Overview of Department 11 Divisions Recently Combined Property/Casualty and Health/Life into Rate and Form Compliance Recent Changes to Department Combined divisions and moved to a new location, combining Insurance & Securities Offices Consumer Assistance and Market Regulation
NAIC Accreditation NAIC National Association of Insurance Commissioners 50 States and 6 territories 11 Elected Commissioners Preserving State Based Regulation of Insurance November 2021 Kansas Successfully Completed Accreditation Process
Producer Licensing and Consumer Protection Challenges During Covid Improvements as a result Changes to licensing from 2021 Legislative Session due to passage of Senate Bill 37
2022 Legislative Update Adoption of NAIC Model on Rebating Risk Based Capital Permanently Repealed Securities Act Fee Fund Sweep
Blue Sky Laws The Birth of Securities Regulation Joseph JN Dolley - Bank Commissioner of Kansas First in the nation to encourage securities regulation to prevent the sale of securities by promoters who promised rain, but delivered only blue sky Kansas Legislature passed first securities law in 1911
Securities Division Overview 1871 Kansas Insurance Department formed 1911 Bank Commissioner begins to regulate securities 1932 Kansas Corporation Commission formed and becomes state securities regulator 1933 Federal regulation of securities begins 1982 Office of the Kansas Securities Commissioner made stand-alone agency 2017 Office of the Securities Commissioner becomes a division of the Kansas Insurance Department.
Who & What we regulate Issuers and their Agents and Securities Broker-Dealers and their Agents Investment Advisers and their Representatives Unregistered Activity and Securities Fraud
How we regulate Registration Compliance and Examination Enforcement Investor Education
Blumer vs State of Kansas Suit was brought against state of Kansas for using securities fees to subsidize state general fund. As part of settlement, Kansas will no longer collect fees and send balance to state general fund Halted collection of $16 million in fees for FY 2023 Undergoing evaluation of business need and services to right size fee structure
Consumer Assistance Live chat: insurance.kansas.gov Phone: 1-800-432-2484 Email: kid.commissioner@ks.gov
