Kansas Gov. Kathleen Sebelius has signed legislation establishing a flex-rating system. The Flex Rating Regulatory Improvement Model Act (H.B. 2689) will allow rate increases of up to 12% on personal lines of insurance without prior regulatory approval. The Insurance Department maintains the power of review and approval of actuarially justified rates. The law allows smaller rate filings to be regulated through a streamlined actuarial administrative process. The legislation is based on a National Conference of Insurance Legislators (NCOIL) model act adopted in 2003.

May 20, 2008