(The Center Square) – The Kansas Insurance Department recently issued checks to group-funded pools after the elimination of two assessment funds, Kansas Insurance Commissioner Vicki Schmidt announced in a press release from her office.
The Department successfully pushed for the passage of Senate Bill 28 during the 2023 legislative session. The bill eliminates 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,” the release said.
“If I can find an efficiency that helps lower the cost of doing business, we’re going to implement it,” Commissioner Schmidt said in the release. “This was an unnecessary fee, and I’m thrilled we are returning tax dollars to the folks who have paid them.”
Senate Bill 28 scrapped those assessments and ended those two funds.
It will transfer the remaining balance of those two funds to a new fund known as the Group-Funded Pools Refund Fund; the fund will start with a sum of $153,247.
“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,” the release said.
More information on this rule change is available at insurance.ks.gov.
