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(a) A burial association that has excess financial resources, as determined by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, may request that the board approve a plan to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.
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(b) On the approval of the board, the burial association shall submit a plan to the board to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.
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(c)
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(1) The plan described in subsection (b) of this section shall:
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(A) Be based on the class of business of the burial association; and
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(B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association.
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(2) The plan shall not impugn the financial integrity of the burial association.
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(d) In determining whether or not a burial association has excess financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to certificates written before July 20, 1987.
