Kansas Statutes § 40-3814 Annual report to be filed by administrator; contents; authorization of commissioner to set and publish fees.
AI-assisted research summary: Licensed administrators must file an annual report with the commissioner by July 1, pay an annual fee capped at $100, and include specified information; the commissioner can grant extensions and hardship exemptions.
40-3814. Annual report to be filed by administrator; contents; authorization of commissioner to set and publish fees. (a) Each administrator licensed under the provisions of this act shall file an annual report for the preceding calendar year with the commissioner on or before July 1 of each year, or within such extension of time as the commissioner may grant for good cause, accompanied by an annual report fee not to exceed $100. Not later than December 1 of each year, the commissioner shall set and cause to be published in the Kansas register such fee for the next calendar year. (b) The annual report shall include: (1) The complete names and addresses of all payors, and for self-funded plans, all employers and trusts with which the administrator had agreements during the preceding fiscal year. (2) the number of Kansas residents covered by each of the plans; and (3) (A) an audited financial statement attested to by an independent certified public accountant. An audited annual financial report prepared on a consolidated basis shall include a columnar consolidating or combining worksheet filed with the report. Such worksheet shall include the following: (i) Amounts shown on the consolidated audited financial report shown on the worksheet; (ii) amounts for each entity stated separately; and (iii) explanations of consolidating and eliminating entries included. (B) In lieu of submitting an audited financial statement, and upon written application by an administrator and good cause shown, the commissioner may grant a hardship exemption from filing audited financial statements and allow the submission of unaudited financial statements. Acceptable formats for unaudited financial statements, which shall include notes, are: (i) Reports compiled or reviewed by a certified public accountant; or (ii) internal financial reports prepared in accordance with GAAP, certified by at least two officers, owners or directors of the administrator. (C) If unaudited financial statements are submitted, the administrator shall secure and maintain a surety bond in a form prescribed by the commissioner for the use and benefit of the commissioner to be held in trust for the benefit and protection of covered persons and any payor or self-funded plan against loss by reason of acts of fraud or dishonesty, for the greater of 10% of funds handled for the benefit of Kansas residents or $20,000. (c) The annual report shall be in the form and contain such matters as the commissioner prescribes and shall be verified by at least two officers, owners or directors of the administrator. History: L. 2017, ch. 2, § 4; L. 2019, ch. 54, § 7; L. 2025, ch. 87, § 24; July 1.