Ala. Admin. Code r. 482-3-003-.02

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-3-003-.02 - Definitions

The definitions set forth in § 27-17A-2 (2014), Code of Ala. 1975, apply in this Chapter, together with the following definitions:

(1) DEPARTMENT. The Alabama Department of Insurance.

(2) GAAP (Generally Accepted Accounting Principles). Uniform minimum standards of, and guidelines to, financial accounting and reporting. The Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) are authorized to establish these principles.

(3) FINANCIAL STATEMENT. The written disclosure of financial information by an applicant for or holder of a preneed certificate of authority according to accounting principles and in a form prescribed by this Chapter.

(4) PRENEED CONTRACT. As defined in Rule 482-3-003-.03.

(5) PRINCIPAL. In reference to a preneed contract, the total sum of deposits on the individual items in the contract. In reference to a trust, the total sum of deposits in trust for all preneed contracts.

(6) THE ACT. The Alabama Preneed Funeral and Cemetery Act of 2002, Code of Ala. 1975, §§ 27-17A-1 to -57 (2014).

Ala. Admin. Code r. 482-3-003-.02

Adopted by Alabama Administrative Monthly Volume XXXIII, Issue No. 02, November 26, 2014, eff. 1/1/2015.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-17A-1 to -57 (2014).