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Senate committee advances SB21 requiring separate fiduciary accounts, clarifies bankruptcy notice timing
Summary
The Kansas Senate committee voted to pass Senate Bill 21 with an amendment that defines when third‑party administrators must notify the insurance commissioner of bankruptcy filings; the committee also discussed separation of employer funds held by administrators.
The Senate Committee on Financial Institutions and Insurance on an unspecified date voted to pass favorably Senate Bill 21 as amended, a bill that requires third‑party administrators to maintain separate fiduciary accounts for individual payers and to disclose certain bankruptcy filings to the insurance commissioner.
Eileen, the committee reviser, told the panel: "Senate Bill 21 is the bill that required third party administrators maintain separate fiduciary accounts for individual payers and not commingle funds that they hold on behalf of multiple payers." That provision, the reviser said, is intended to keep funds that belong to one employer…
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