Statutes, codes, and regulations
Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS
Section 482-3-004-.03 - Merchandise And Services Trusts

Ala. Admin. Code r. 482-3-004-.03

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Current through Register Vol. 43, No. 02, November 27, 2024
Section 482-3-004-.03 - Merchandise And Services Trusts
(1) A merchandise and services trust agreement must be approved by the Commissioner prior to use. The trust must be irrevocable.
(2) On or after January 1, 2015, funds collected for preneed funeral merchandise and services contracts shall be trusted in a funeral merchandise and services trust. Funds collected for preneed cemetery merchandise and services contracts shall be trusted in a cemetery merchandise and services trust. Sellers that offer both preneed funeral merchandise and services contracts and cemetery merchandise and services contracts shall include caskets on the preneed funeral merchandise and services contract form and trust accordingly as provided in this Chapter.

Ala. Admin. Code r. 482-3-004-.03

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).