(The Center Square) – The Kansas Department of Insurance recently issued checks to group-backed pools after two valuation funds were eliminated, Kansas Insurance Commissioner Vicki Schmidt said in a statement. press from his office.
The department was successful in passing Senate Bill 28 in the 2023 legislative session. to KSA 12-2623 and the group-sponsored workers’ compensation pools expense fund pursuant to KSA 44-587,” the statement read.
“If I can find an efficiency that helps reduce the cost of doing business, we will implement it,” Commissioner Schmidt said in the statement. “It was an unnecessary expense, and I’m glad we’re returning the tax money to those who paid it.”
Senate Bill 28 removed these assessments and terminated these two funds.
It will transfer the remaining balance of these two funds to a new fund called the Group Funded Pools Reimbursement Fund; the fund will start with an amount of $153,247.
“This balance was distributed to Kansas’ 16 operating pools on a pro rata basis, based on the premium taxes paid by each pool for fiscal year 2022,” the statement said.
More information about this rule change is available at insurance.ks.gov.