§ 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.
§ 23-40-108. Administration
(a) This chapter shall be administered by the Insurance Commissioner. (b) The commissioner is authorized to prescribe reasonable rules concerning keeping and inspection of records, the filing of contracts and reports, and all other matters incidental to the orderly administration of this chapter. (c) The commissioner is authorized to employ the personnel necessary to carry […]
§ 23-40-125. Prepaid Funeral Contracts Recovery Program Fund — Created — Prepaid Funeral Contracts Recovery Program Board — Established
(a) There is established within the State Insurance Department Prepaid Trust Fund an account to be known as the “Prepaid Funeral Contracts Recovery Program Fund”, hereinafter “fund”. (b) No money is to be appropriated from this fund for any purpose except for expenses and payment of claims of the Prepaid Funeral Contracts Recovery Program at […]
§ 23-40-109. Permit required
(a) Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an “organization”, desiring to sell prearranged or prepaid funeral services or funeral merchandise, including caskets, grave vaults, and all other articles of merchandise incidental to funeral services, in this state under a sales contract providing for prepaid disposition or funeral benefits or […]
§ 23-40-110. Application for initial or renewed permit
(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and renewal application for a permit shall contain such information which the commissioner […]
§ 23-40-111. Issuance of permit — Cancellation or denial
(a) (1) The Insurance Commissioner may issue a permit conditioned upon satisfactory completion of all requirements of this chapter prior to the applicant’s offering for sale or selling prepaid funeral benefits. (2) In addition, prior to the issuance of either an initial or renewal permit, the applicant must be deemed by the commissioner to be […]
§ 23-40-112. Prepaid funeral benefits contracts
(a) (1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts. (2) (A) Except as provided in subdivision (a)(2)(B) of this section, a nonguaranteed prepaid contract or a nonspecified prepaid contract shall be approved if the prepaid contract provides the contract holder with interest or earnings during the term of the prepaid contract. […]
§ 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 […]