Kansas Insurance Commissioner Vicki Schmidt announced the Kansas Insurance Department (KID) has returned dollars to group-funded pools following the enactment of legislation that does away with two assessment fees.
The Department introduced and successfully lobbied for the passage of legislation (SB 28) to eliminate the department’s assessment on pools who paid into the Group-Funded Pools Fee Fund pursuant to K.S.A. 12-2623 and the Group-Funded Workers’ Compensation Pools Fee Fund pursuant to K.S.A. 44-587.
Senate Bill 28 repealed these assessments and discontinues these two funds.
“If I can find an efficiency that helps lower the cost of doing business, we’re going to implement it,” said Schmidt in a statement. “This was an unnecessary fee and I’m thrilled we are returning tax dollars to the folks who have paid them.”
The bill transfers the balance of the two funds into a new fund known as the Group-Funded Pools Refund Fund with a sum of $153,247, the department said. This balance has been distributed to the 16 operating pools in Kansas on a pro-rata basis, based on premium taxes paid by each pool for Fiscal Year 2022.
Source: Kansas Insurance Department
Topics Kansas