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Minutes for SB377 - Committee on Financial Institutions and Insurance

Short Title

Authorizing technology-enabled fiduciary financial institution insurance companies within the captive insurance act and providing for the requirements and operations thereof.

Minutes Content for Thu, Jan 27, 2022

 

David Wiese, Assistant Revisor, Kansas Office of Revisor of Statutes, presented the Revisor's Memorandum brief on SB377 and answered questions from Senators Pittman, Hilderbrand, and Chairperson Longbine. (Attachment 1)

Oral Proponent Testimony:

Derek Fletcher, President and Chief Fiduciary Officer, The Beneficient Company Group LP, presented in-person, oral testimony, in support of SB377, defining TEFFIs; speaking about captive insurance; and talking about the scope of the legislation. (Attachment 2)  

He also displayed a slide presentation which addressed the TEFFI business model; explained what ARE alternative assets;  discussed what alternative assets ARE NOT; reviewed the need for captive insurance and the risks covered; talked about paid in-kind policy and utilization of reinsurance; and additions to the captive insurance act.  (Attachment 3).   Mr. Fletcher stressed that he had already met four times with the Kansas Insurance Department (KID) and two times with the Office of the State Bank Commissioner (OSBC) and had another call with KID scheduled for tomorrow.

Mr. Fletcher answered questions from Senators Gossage, Pittman, and Dietrich.  Chairperson Longbine called for any further questions or discussion.  Seeing none, he asked for any additional proponent, opponent, or neutral testimony to be submitted.  Seeing none, the Chairperson closed the hearing on SB377

Chairperson Longbine reminded the members that there would be no meetings on Friday or Monday.  Tuesday and Wednesday would be hearings on bills, and Thursday to plan to work bills.

The meeting adjourned at 10:12 am.  The next scheduled meeting is Tuesday, February 1, 2022 at 9:30 am in Room 546-South of the Capitol.