§ 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.
§ 23-40-113. Change of ownership
(a) The seller shall apply for change of ownership or control when: (1) The seller transfers all or a portion of the interest in any contract for prepaid funeral benefits; (2) The seller transfers one (1) or more of its establishments for providing funeral goods or services; (3) All or a portion of the equity […]
§ 23-40-114. Trust funds — Creation — Deposits, withdrawals, and transfers of funds
(a) All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be deposited with a trustee within twenty (20) business days after receipt of proceeds, to be held, invested, and administered in a trust fund for the benefit and protection of the contract […]
§ 23-40-115. Trust funds — Investments
(a) The trustees shall invest the trust fund only in the following: (1) Demand deposits, savings accounts, certificates of deposit, and all other accounts that are insured by the Federal Deposit Insurance Corporation; (2) Bonds and obligations that are insured by, fully guaranteed as to principal and interest by, and due from the United States […]
§ 23-40-116. Trust funds — Disbursements
The trustee shall disburse money or other property from the trust fund only as follows: (1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may be permitted under valid rules adopted by the commissioner, […]
§ 23-40-117. Trust funds — Exemption from attachment, etc
(a) All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment, garnishment, execution, and claims of creditors, receivers, or trustees in bankruptcy. The trust fund shall not be seized, taken, appropriated, or applied to pay any debt or liability of the seller […]
§ 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.