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Committee hears bill to require separate fiduciary accounts and bankruptcy notices from third‑party administrators
Summary
House Bill 2044 would require third‑party administrators to maintain separate fiduciary accounts for each payer and to disclose bankruptcy petitions to the commissioner; the Kansas Insurance Department said the changes stem from difficulties following a TPA bankruptcy in western Kansas.
House Bill 2044 would require third‑party administrators (TPAs) that handle premium collections and claims payments to keep separate fiduciary accounts for each payer and to immediately notify the commissioner of insurance if the administrator files a Chapter 9 or Chapter 11 bankruptcy petition.
Eileen, the reviser, told the House Committee on Insurance that Section 1 amends KSA 40‑3807 to require separate…
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