Iowa Admin. Code r. 191-100.19

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-100.19 - Master trusts

(1)Creation of master trusts. Pursuant to Iowa Code section 523A.203, a preneed seller may commingle the care funds of multiple beneficiaries in a master trust. When a preneed seller enters into a master trust agreement and establishes a master trust agreement at a financial institution:

a. The title of the financial account shall include the name of the preneed seller and be identified as a master trust account.

b. Rescinded IAB 3/10/21, effective 4/14/21.

c. Either the preneed seller or the financial institution shall maintain the detailed listing as required by Iowa Code section 523A.203 (3) by keeping the following:

(1) One listing of the amount deposited in trust for each beneficiary; and

(2) A separate accounting of each purchaser's principal, interest, and income, and balance in trust for each beneficiary who has care funds in the master trust account.

(2)Reporting of master trusts.

a. As part of the preneed seller's annual report required by paragraph 100.15(1) "a, " a preneed seller shall submit all of the following:

(1) The aggregate amount of deposits made to the master trust account during the calendar year.

(2) The aggregate amount of withdrawals made from the master trust account during the calendar year.

(3) Information detailing the name of any beneficiary related to a deposit to or withdrawal from the master trust account with the amount deposited or withdrawn by the beneficiary. The report shall include aggregate amounts of deposits and withdrawals for each beneficiary.

(4) Transactions, as described in the division's instructions for the annual report, for the calendar year in which the transactions took place.

b. A financial institution shall submit a report annually that includes all of the following information relating to activities in the master trust:

(1) The aggregate amount of deposits made to the master trust account for each beneficiary during the calendar year.

(2) The aggregate amount of withdrawals made from the master trust account for each beneficiary during the calendar year.

(3) Transactions, as described in the division's instructions for the annual report, for the calendar year in which the transactions took place.

(4) A copy of the bank account statement for the master trust account.

Iowa Admin. Code r. 191-100.19

Reserved by IAB November 25, 2015/Volume XXXVIII, Number 11, effective 12/30/2015

Amended by IAB September 28, 2016/Volume XXXIX, Number 07, effective 11/2/2016

Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021