A bill that would make variable products subject to securites regulation in Kansas is up for consideration in the state House Judiciary Committee, the third time this issue has been raised in as many years.
A second hearing to review H.B. 2347, which would enact the Uniform Securities Act with amendments to include regulation of variable insurance products, was scheduled to be held on March 5 following an initial hearing on Feb. 19. The issue was also a potential topic of discussion during the spring meeting of the National Association of Insurance Commissioners in Altanta.
Legislators also addressed the issue during the spring meeting of the National Conference of Insurance Legislators, Albany, N.Y., where a resolution was adopted opposing the regulation of variable insurance products by state securities regulators.
“The current regulatory environment is handling these products just fine,” says Tim Tucker, NCOILs director of state-federal affairs in Washington.