Tenn. Comp. R. & Regs. 0780-05-09-.23

Current through June 10, 2024

Section 0780-05-09-.23 - TRUSTEE VIOLATIONS

The Commissioner may assess civil penalties against a trustee for violations including but not limited to:

(1) Improper distributions from the improvement care trust fund or the preneed merchandise and services trust fund;

(2) Late filing of trustee reports;

(3) Filing inaccurate or incomplete trustee reports;

(4) Investing trust funds directly or indirectly:

(a) with any officer, director or employee of the cemetery company or anyone related by blood, adoption, or marriage to any individuals included in the above;

(b) with the cemetery company itself;

(c) in any business entity of which a controlling interest is held directly or indirectly by any of the foregoing persons or legal entities;

(d) with any other cemetery company or funeral establishment;

(e) in assets, ventures, funds or investments that are high risk or highly speculative.

Tenn. Comp. R. & Regs. 0780-05-09-.23

Original rule filed November 2, 2007; effective January 16, 2008.

Authority: T.C.A. §§ 46-1-301 and 46-1-306(c).