Ala. Admin. Code r. 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.
Notes
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, ยงยง 27-2-17, 27-17A-1 to -57 (2014).
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