House Status:
Senate Status:
Senate Status:
Minutes for HB2787 - Committee on Insurance
Short Title
Updating certain definitions, terms and conditions relating to coverage by the Kansas insurance guaranty association and authorizing the commissioner of insurance to reduce the number of members of the association's board of directors.
Minutes Content for Mon, Feb 19, 2024
The Chair opened the hearing on HB2787, Assistant Revisor Ma gave a detailed overview of the bill and stood for questions. The Chair recognized Eric Turek, Director Government and Public Affairs, Kansas Insurance Department who gave proponent testimony. This bill, amends Kansas statutes concerning the Kansas Insurance Guaranty Association (KIGA) to reflect updates made to the National Association of Insurance Commissioners Property and Casualty Insurance Guaranty Association Model Act (Model Act) . These updates were requested by KIGA and are appropriate to deal with issues that may arise in a future insurance company insolvency, particularly as it pertains to cybersecurity. The bill, also, establishes a limit on fund liability of $300,000 for cybersecurity claims. Certain questions were asked by committee members including; but not limited to, asks to define cybersecurity insurance, the logic behind the $300,000 limit on fund liability, the extend to which insolvency is a problem in Kansas, specific language utilized, and if there was an absence of qualified individuals to serve on the various boards. Mr. Turek volunteered to submit to members a copy of the Model Act.
There were no opponents or neutrals present.
The Chair closed the hearing on HB2787.
