Kansas Governor Signs Law Decreasing Premium Tax Rate Assessed for Surplus Lines Insurance

The Kansas Governor April 19 signed a law decreasing the insurance premium tax rate assessed for surplus lines insurance, for excise tax purposes. The law includes measures: 1) requiring each agent to collect and pay a tax of 3 percent on the total gross premiums charged, less any return premiums, for surplus lines insurance to the commissioner of insurance beginning Jan. 1, 2024; 2) authorizing the commissioner to set the amount of certain fees; 3) discontinuing annual registration fees for prepaid service plans and requiring registrants to advise the commissioner of insurance of any additions to or deletions from the ...