Kansas Commissioner of Insurance Ken Selzer issued a bulletin in late May informing “all persons and entities that have paid money to the Kansas Insurance Department (KID) Service Regulation Fund in the past 24 months” that $8 million will be taken from the KID fund and transferred to the State General Fund (SGF).
The pending $8 million sweep is the result of House Substitute for Senate Bill 109, signed by Gov. Jeff Colyer on May 15, 2018, according to the KID bulletin.
Selzer has taken issue with the governor’s intended sweep of KID funds. In a statement released by the insurance department, Selzer said Colyer’s decision to take the funds from the insurance department in order to fill deficits in the state budget is unlawful.
He called the sweep an example of “ongoing budget mismanagement by the governor’s office.”
According to KID Bulletin 2018-1, the insurance department is funded solely by fees. If its funding falls to a level that would disrupt the services provided by the agency, the commissioner is authorized to assess insurers on an annual basis in order to ensure the continued regulation of insurance.
Selzer is running for the governor’s office this year against Colyer, the former lieutenant governor who succeeded Gov. Sam Brownback. Brownback resigned in early 2018.
Topics Kansas
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