Bills signed to reduce the cost of doing business in Kansas

TOPEKA, Kan. (WIBW) - Kansas Insurance Commissioner Vicki Schmidt announced on Tuesday, April 15, that several bills introduced by the Kansas Department of Insurance have been signed into law.

House Bill 2050 and House Bill 2334 contain provisions that will continue the Commissioner’s commitment to reducing the cost of doing business in Kansas.

“When compliance costs are out of line, consumers are forced to foot the bill,” said Schmidt. “I have made it my mission to right-size government, and these new laws keep that commitment.”

Bill 2050 eliminates the producer appointment renewal fees, which will reduce revenues to the Department by an estimated $5.9 million. Further, the new law gives the Commissioner the authority to lower over 100 statutory fees, which will be published in the Kansas Register each year by December 1.

Bill 2334 reduces the state premium tax levied on insurance carriers to 1.98% of the total premium written. This tax cut eliminates the portion of the premium tax retained by the Department by an estimated $1.8 million.

Under Commissioner Schmidt, the Department has consistently lowered fees and reduced the cost of doing business by more than $76 million.

Both laws will take effect on July 1, 2025.

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