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Panel hears SB422 to streamline license revocations and shorten insurer response times
Summary
The Senate Financial Institutions and Insurance Committee heard testimony on SB422, which would let the Department of Insurance revoke nonresident agent licenses when their home-state license is lost and require agents and public adjusters to answer Commissioner inquiries within 14 calendar days. Department counsel said notice letters will still be sent but the pre-revocation hearing requirement would be removed to streamline enforcement.
The Senate Committee on Financial Institutions and Insurance heard proponent testimony on Senate Bill 422, a licensure and disciplinary bill for insurance companies, agents and public adjusters.
Eileen, the reviser, told the committee SB422 "reorganizes certain provisions relating to foreign insurance companies seeking authorization to do business in Kansas," and would amend multiple K.S.A. provisions to clarify admission rules for subsidiaries and affiliates, permit the Department of Insurance to revoke a nonresident agent’s license without a pre-revocation hearing, and require agents and public adjusters to respond…
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