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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