§ 23-40-126. Unfair competition or unfair or deceptive acts or practices prohibited — Penalties
An unfair method of competition or an unfair or deceptive act or practice under §§ 23-66-206(1)-(4), 23-66-206(6)-(8), and 23-66-207 — 23-66-213 in the sale of a prepaid funeral benefits contract is a violation of this chapter and may be punished under this chapter or the Trade Practices Act, § 23-66-201 et seq.
§ 23-40-118. Agent for deposit of contract proceeds
(a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their offices or positions, who shall be responsible for the deposit of contract proceeds collected under contracts for prepaid funeral benefits. The organization shall notify the Insurance Commissioner of the designation within […]
§ 23-40-119. Annual report and fee
(a) Each organization shall file an annual report and an annual report fee with the Insurance Commissioner on or before March 15 of each year in such form as the commissioner may require, showing the: (1) Names or account numbers, or both, of all persons with whom contracts for prepaid funeral benefits have been made […]
§ 23-40-120. Records required — Examination
(a) Each organization which has outstanding contracts for prepaid funeral benefits shall maintain within this state any records which the Insurance Commissioner may require to enable him or her to determine whether the organization is complying with the provisions of this chapter. (b) (1) The records shall be subject to examination by the commissioner, or […]
§ 23-40-105. Burial associations exempted
Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to § 23-78-101 et seq.
§ 23-40-122. Cancellation or transfer
(a) A purchaser may cancel or transfer a prepaid contract under this section, whether revocable or irrevocable, or whether cash-funded or funded by insurance or an annuity, at any time before performance of the contract by the seller, under the following conditions: (1) In the case of a cash-funded or trust-funded prepaid contract: (A) Before […]
§ 23-40-106. Violations — Penalties
(a) (1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization’s records shall be punished by a fine of not less than one thousand dollars ($1,000) and not more […]
§ 23-40-123. Delinquency proceedings
(a) If it appears upon sufficient grounds or evidence satisfactory to the Insurance Commissioner that a person or a licensee has engaged in or is about to engage in an act or a practice that violates this chapter or a rule adopted or an order issued under this chapter or that the assets or capital […]
§ 23-40-107. Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund
(a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees required to be paid by organizations subject to this chapter, which shall be […]
§ 23-40-124. Compliance
Compliance with this act shall be required for all licensees on and after March 16, 1997.