The Kansas Insurance Department (KID) and the Office of the Kansas Securities Commissioner (KSC) aligned as one state agency on July 1, 2017. In the 13 months since then, we have achieved many of the savings and service goals that we anticipated when we introduced legislation to make the transition possible.
As you might recall, the securities agency became a division of the insurance department when the legislation became effective. The law gave the insurance commissioner the authority to appoint the securities commissioner for a four-year term. Also, the securities commissioner can only be removed for official misconduct.
When we touted the alignment, we told the Kansas Legislature that we could show significant financial savings and service improvements because of it. Let me list some of those results that have occurred since last year.
Plans continue for consolidation of KSC staff and offices into the KID office building. Significant one-time costs of the move could be paid from rent savings, and then going forward, the annual building rent and parking savings will be approximately $142,000 per year, based on current amounts being paid by KSC.
As you can see, we have made significant strides towards achieving efficient, consumer-friendly state governmental services. We will continue to find additional outcomes that will better assist Kansans with their insurance and investment needs.
The Kansas Insurance Department, established in 1871, assists and educates consumers, regulates and reviews companies, and licenses agents selling insurance products in the state. More about the department is online at www.ksinsurance.org or at www.facebook.com/kansasinsurancedepartment.
The mission of the Office of the Kansas Securities Commissioner (KSC) is to protect and inform Kansas investors; to promote integrity, fairness, and full disclosure in financial services; and to foster capital formation. More about the office is at www.ksc.ks.gov.