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Kansas bill would require TPAs to keep separate fiduciary accounts and notify state of bankruptcy filings
Summary
House Bill 2,044 would require third-party administrators to maintain a separate fiduciary account for each payer, prohibit commingling of funds, and require immediate disclosure to the commissioner of bankruptcy filings under Chapter 11 or 9 of the U.S. Bankruptcy Code; proponents said Senate language clarified the timing of notice.
House Bill 2,044 would require third-party administrators (TPAs) to maintain a separate fiduciary account for each payer, prohibit commingling of funds between payers and other funds held by or collected on behalf of other payers, and require the administrator to disclose promptly to the Kansas Insurance Commissioner any bankruptcy petition filed by or on behalf of the administrator…
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