054.00.95 Ark. Code R. 003 - Reg. 63 - Trust Fund Release Forms for Prepaid Funeral Benefits Contracts
SECTION 1. PURPOSE.
The purpose of this Rule is to adopt forms for use in release of trust fund,
proceeds by Sellers of Prepaid Funeral Benefits Contracts maintaining licensure
with the Arkansas Insurance Commissioner ("Commissioner") pursuant to the
provisions of Arkansas Act 852 of 1993.
SECTION
2. AUTHORITY & EFFECTIVE DATE. Authority for this Rule is
given to the Insurance Commissioner for the State of Arkansas by Ark. Code Ann.
§§
23-61-108,
23-76-120,
25-15-204(b),
et seq., and Act 852 of 1993, effective on and after July 1, 1995. This Rule
replaces Emergency Rule 63. This Rule shall be effective on September 1, 1995
upon statutory filing.
SECTION 3.
APPLICABILITY AND SCOPE. This Rule shall apply to all persons engaged in the
business of selling prepaid funeral benefits contracts under Ark. Code Ann.
§§
23-40-101,
et seq., as amended by Act 852 of 1995. Pursuant to a consent judgment entered
into by the Arkansas Insurance Department in Denver Roller. Inc.. et al v. Lee
Douglass. Arkansas Insurance Commissioner, et al. Sixth Division, Chancery
Court of Pulaski County, #IJ-95-3B35 (1995), Section 12 of Act 852 of 1995,
amending Ark. Code Ann. §
23-40-122,
is not applicable to prepaid funeral benefit contracts executed prior to July
1, 1995. The provisions of this Rule shall apply to all prepaid funeral benefit
contracts entered into on or after September 1, 1995, or immediately thereafter
upon signature by the Commissioner and filing.
SECTION 4. FORMS ADOPTED. On and after
September 1, 1995, permittees under Ark. Code Ann. §§
23-40-101,
et seq., selling Prepaid Funeral Benefits Contracts shall duplicate and use the
Forms attached as exhibits to this Rule for trust fund releases, as applicable.
They are Seller's Affidavit of Contract Performance: Request To Withdraw Funds
or Proceeds, Form FNL-C1; Seller's Affidavit for Cancellation, Form FNL-C2;
Affidavit and Request of Purchaser to Cancel, Form FNL-C3; and Instructions for
Record Keeping.
SECTION 5.
SEVERABILITY. Any section or provision of this Emergency Rule held by a court
to be invalid or unconstitutional will not affect the validity of any other
section or provision of this rule.
CONTACT PERSON: Booth Rand, Associate Counsel, Arkansas Insurance Department, 1123 South University Avenue, Little Rock, Arkansas 72204; (501) 686-2999.
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Notes
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