reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.03 - Applicability And Scope (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.04 - Definitions (REPEAELD)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.05 - Certificate Of Authority; Financial Requirements (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.06 - Preneed Contracts (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.07 - Preneed Sales Agents (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.08 - Deposit Of Preneed Funds (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.09 - Schedule Of Charges And Price List (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.10 - Safekeeping Of Records (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.11 - Cemetery Records (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.12 - Endowment Care Cemeteries (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.13 - Accounts Receivable Records (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.14 - Records Required (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.15 - Severability (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.16 - Effective Date (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-001 - ACCOUNTING REQUIREMENTS AND RECORDKEEPING FOR PRENEED FUNERAL AND CEMETERY PROVIDERS (REPEALED) › Section 482-3-001-.17 - Response To Requests For Information; Effect Of Pending Administrative Action. (REPEALED)

Current through Register Vol. 42, No. 9, June 28, 2024
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-002 - PRENEED FEES AND FINES › Section 482-3-002-.01 - Purpose, Scope And Authority

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 The purpose of this chapter is to formalize the practice within the Department
			 of Insurance preceding the effective date of this chapter and set various fees
			 and fine amounts authorized in
Code of Ala. 1975
,
			 §
								27-17A-11 (2002), a part of the
			 Alabama Preneed Funeral and Cemetery Act,
Code of Ala.
			 1975
, §§
								27-17A-1,
et seq.
(2002), adjusted according to Alabama Act No. 2015-441.
(2) This chapter shall apply to all persons
			 subject to the Alabama Preneed Funeral and Cemetery Act.
(3) This chapter is adopted pursuant to
Code of Ala. 1975
, §§
								27-2-17 and
			 27-17A-11 (2002).
Author:
Commissioner of Insurance
Statutory Authority:
Code of
				  Ala.1975
, §§
										27-2-17, 2 7-17A-11 (2002).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-002 - PRENEED FEES AND FINES › Section 482-3-002-.02 - Preneed Fees And Fines

Current through Register Vol. 42, No. 9, June 28, 2024
The following fees and fines are hereby established and
				confirmed:
(a) Initial certificate of
			 authority fee, as permitted in
Code of Ala. 1975
,
			 §
								27-17A-11(d)(1)
(b) Annual renewal of certificate
			 of authority fee, as permitted in
Code of Ala. 1975
,
			 §
								27-17A-11(d)(1)
(c) Branch registration fee,
			 initial and annual renewal, as permitted in
Code of Ala.
			 1975
, §
								27-17A-11(d)(2)
			 $198
(d) Fine for each day the
			 certificate holder fails to file its annual statement, as permitted in
Code of Ala. 1975
, §
								27-17A-11(h)
(e) Transfer of certificate of
			 authority fee, as permitted in
Code of Ala. 1975
,
			 §
								27-17A-11(j)
(f) Fine for each day the
			 certificate holder fails to file its statement of activities of the trust, as
			 permitted in
Code of Ala. 1975
, §
								27-17A-11(h)
(g) Transfer of certificate of
			 authority fee, as permitted in
Code of Ala. 1975
,
			 §
								27-17A-11(j)
(h) Preneed sales agent
			 application fee, initial and annual renewal, as permitted in
Code
			 of Ala. 1975
, §
								27-17A-18(g) and
			 (j)
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-11
				  (2002).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-002 - PRENEED FEES AND FINES › Section 482-3-002-.03 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
(1) If any rule or
			 portion of a rule or its applicability to any person or circumstance is held
			 invalid by a court, the remainder of this chapter or the applicability of the
			 provision to other persons or circumstances shall not be affected.
(2) This chapter shall become effective upon
			 its approval by the Commissioner of Insurance and upon its having been on file
			 as a public document in the office of the Secretary of State for ten days,
			 subject to review by the Joint Committee on Administrative Regulation
			 Review.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17, 2 7-17A-11 (2002).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.01 - Authority And Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This
			 Chapter is adopted pursuant to
Code of Ala. 1975
,
			 §§
								27-2-17 and
			 27-17A-1 to -57 (2014).
(2) This Chapter sets forth rules, standards
			 and requirements for the sale of preneed funeral and cemetery merchandise and
			 services and operation of endowment care cemeteries by cemetery authorities
			 under the Alabama Preneed Funeral and Cemetery Act of 2002, as amended. This
			 Chapter operates in conjunction with Chapters 482-3-002, 482-3-004, and
			 482-3-005.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.02 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The definitions set forth in §
								27-17A-2 (2014),
Code
				of Ala. 1975
, apply in this Chapter, together with the following
				definitions:
(1) DEPARTMENT. The
			 Alabama Department of Insurance.
(2) GAAP (Generally Accepted Accounting
			 Principles). Uniform minimum standards of, and guidelines to, financial
			 accounting and reporting. The Financial Accounting Standards Board (FASB) and
			 the Governmental Accounting Standards Board (GASB) are authorized to establish
			 these principles.
(3) FINANCIAL
			 STATEMENT. The written disclosure of financial information by an applicant for
			 or holder of a preneed certificate of authority according to accounting
			 principles and in a form prescribed by this Chapter.
(4) PRENEED CONTRACT. As defined in Rule
			 482-3-003-.03.
(5) PRINCIPAL. In reference to a preneed
			 contract, the total sum of deposits on the individual items in the contract. In
			 reference to a trust, the total sum of deposits in trust for all preneed
			 contracts.
(6) THE ACT. The Alabama
			 Preneed Funeral and Cemetery Act of 2002,
Code of Ala.
			 1975
, §§
								27-17A-1 to -57 (2014).
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.03 - Preneed Contract - Defined

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 For purposes of this Chapter, a preneed contract is a written contract:
(a) entered into on a preneed basis (before
			 the death of the contract purchaser or beneficiary);
(b) under which the purchaser pays or agrees
			 to pay to the seller, before need and in whole or part, a purchase price for
			 funeral merchandise and services or cemetery merchandise and services;
			 and
(c) the seller's responsibility
			 to deliver the contracted-for merchandise or perform the services, in whole or
			 in part, is deferred until need.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.04 - Sale Of "Return Of Mortal Remains" Plans

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For purposes of this Chapter, a "return
			 of a mortal remains plan" refers to a contract or agreement by whatever title
			 or name, sold in conjunction with a preneed contract, in which a third party
			 provider other than the preneed contract seller agrees, in exchange for a cost
			 paid by or for the plan beneficiary, to cause transportation of the decedent's
			 remains in the event the decedent dies outside the scope of any radius clause
			 or geographical limitation expressed in a preneed contract for funeral or
			 cemetery merchandise or services. The plan may or may not:
(a) be a "membership"-type
			 arrangement;
(b) provide that the
			 agreement provider will arrange and pay for services actually provided by
			 others;
(c) provide that the
			 agreement provider will directly perform services; or
(d) include services like embalming or other
			 body preparation and merchandise such as a shipping container.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.05 - Preneed Contract - Filing And Approval

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A preneed contract must be on a written
			 or preprinted contract form, approved by the Commissioner, that is completely
			 filled in and signed by the purchaser and the preneed seller.
(2) Preneed contract forms, including forms
			 based on templates supplied by the Department, shall be filed for approval with
			 the Commissioner, in a format and manner prescribed by the Commissioner, and
			 the forms approved before use. A filed contract form may be used beginning
			 thirty (30) days after its filing date unless the Commissioner has disapproved
			 its use during the 30-day period. Any revisions to a preneed contract form must
			 be filed with and approved by the Commissioner prior to use. Revisions required
			 as a result of this Chapter shall be filed within sixty (60) days of the
			 effective date of this Chapter.
(3)
			 In order to be approved by the Commissioner, a preneed contract form must
			 adhere to the minimum requirements set forth in Rules
			 482-3-003-.06 and
			 482-3-003-.07, as
			 applicable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.07 - Preneed Contract - Minimum Requirements - Cemetery Providers

Current through Register Vol. 42, No. 9, June 28, 2024
(1) On or after
			 January 1, 2015, a preneed contract for cemetery merchandise and services must
			 have, at a minimum, the following required disclosures:
(a) A thirty (30) day refund provision in the
			 event of a cancellation. In the event of a cancellation prior to thirty (30)
			 days for contracts funded by trust, letter of credit or surety bond, purchaser
			 shall be entitled to a complete refund of the amount paid. The contract shall
			 further provide that the purchaser is entitled to a refund of all money paid on
			 the contract in the event of a breach of contract by the seller.
(b) A disclosure as to which method of
			 funding the seller is using to fund the preneed contract.
(c) If the seller's practice is to install
			 vaults or outer burial containers before need, the additional provisions
			 described in Rule
			 482-3-003-.08.
(d) If merchandise and services are to be
			 provided as complimentary or free of charge, such merchandise and services must
			 be itemized on the preneed contract and noted as "no charge."
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.09 - Certificate Of Authority - Required

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Every preneed seller subject to the Act
			 must have a valid preneed certificate of authority to sell preneed contracts
			 and to collect payments for preneed contracts. Each branch affiliated with a
			 certificate holder must have a valid branch registration.
(2) The certificate of authority or branch
			 registration, as applicable, shall be prominently displayed in a public area of
			 the certificate holder's or branch registrant's facility. In the event a
			 certificate of authority or branch registration is surrendered, non-renewed,
			 suspended or revoked, the certificate or branch registration shall not be
			 displayed and must be returned to the Department.
(3) On or before July 1 of each year, every
			 certificate holder shall file an application for renewal which shall include
			 the certificate holder's annual statement and, if applicable, statement of
			 trust activities as required in Section
			 27-17A-11(g).
(4) A certificate holder shall be subject to
			 a fine for each day after July 1 the certificate holder fails to file its
			 annual statement or, if applicable, statement of trust activities as provided
			 in Section
			 27-17A-11(h). The
			 amount of the fine is set forth in Rule
			 482-3-002-.02.
(5) Upon notice to the certificate holder by
			 the commissioner of the failure of the certificate holder to file the annual
			 statement or, if applicable, statement of trust activities, the certificate
			 holder's authority to sell preneed contracts shall be suspended as provided in
			 Section 27-17A-11(h).
(6) A certificate of authority expires on
			 September 1 unless properly renewed as provided in this rule as provided in
			 Section 27-17A-11(f).
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.10 - Certificate Of Authority - Financial Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) An applicant for a preneed certificate of
			 authority must meet, and a certificate holder must maintain, the financial
			 requirements set forth in this Rule demonstrating its ability to discharge its
			 liabilities as they become due in the normal course of business, and must have
			 sufficient funds available to perform its obligations under its existing
			 preneed contracts.
(2) Unless
			 exempted under paragraph (8), a preneed seller must file with the Department a
			 financial statement in order to apply for a certificate of authority or renew
			 an existing certificate of authority. The financial statement shall, at the
			 preneed seller's option, be
(a) a financial
			 statement accompanied by a compilation, review or audit report from a licensed
			 certified public accountant prepared in conformity with GAAP, or
(b) a financial statement in the form
			 furnished by the Department and published on the Department's website using the
			 alternate basis of accounting described in paragraph (5).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.11 - Transfer Of Certificate Of Authority Or Branch Registration

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A transaction
			 which has the effect of transferring a certificate of authority or branch
			 registration must be authorized by the Commissioner prior to the closing of the
			 transaction. Without limitation, authorization is required for the sale of a
			 certificate of authority or branch registration, the sale of a certificate
			 holder's business or assets to the extent the transaction includes transfer of
			 the certificate of authority or branch registration, and sale of all or a
			 controlling interest in any business entity certificate holder or branch
			 registrant.
(2) Prior to the
			 closing of the transaction which will give rise to a transfer, the certificate
			 holder shall give notice of the proposed transaction in a form prescribed by
			 the Commissioner and provide the following to the Commissioner:
(a) A copy of any fully signed letter of
			 intent with any exhibits, attachments, or schedules referenced in the letter of
			 intent.
(b) A copy of the fully
			 signed purchase agreement or other form of contract which describes the terms
			 of the transaction which will result in a transfer with any exhibits,
			 attachments, or schedules referenced in the agreement or contract. Any such
			 purchase agreement or contract must be conditioned upon approval of the
			 Commissioner to the transfer and must specifically address the parties'
			 agreements concerning performance of preneed contracts previously sold, but
			 unperformed, by the certificate holder. If the proposed transaction will result
			 in a change of ownership of the certificate holder, the agreement or contract
			 must provide that preneed contract holders will be notified in writing of the
			 change of ownership within ninety (90) days after the transfer is
			 complete.
(c) If not otherwise
			 addressed by the purchase agreement or contract, evidence acceptable to the
			 Commissioner that all required amounts have been deposited in trust and that
			 the certificate holder's interest in each trust will be conveyed to the
			 purchaser or transferee as part of the transaction without a diminution or pay
			 out of trust assets or gain on such assets to the transferring certificate
			 holder or another as part of the transaction.
(d) Any other documentation requested by the
			 Department of the seller or purchaser in order for the Commissioner to make a
			 determination on the proposed transfer.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.12 - Surrender Of Certificate Of Authority

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Surrender of a certificate of authority
			 must be accepted by the Commissioner to be effective.
(2) The certificate holder shall give prior
			 notice of the surrender in a form prescribed by the Commissioner and provide
			 the following to the Commissioner:
(a) Copies
			 of the certificate holder's existing trust agreements if not already on file
			 with the Department.
(b) A sample
			 copy of each form of preneed contract sold.
(c) The certificate holder's report of the
			 status of all outstanding preneed contracts sold current to the proposed time
			 of the surrender.
(d) The trustee's
			 report of the status of all trusts current to the time of submission.
(e) The certificate of authority.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.13 - Effect Of Certificate Surrender Or Other Inactivity

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For purposes of this Rule, "inactivity"
			 means surrender of a certificate of authority, lapse of a certificate due to
			 non-renewal, or revocation of a certificate, and also includes assumed
			 inactivity due to the following circumstances:
(a) The certificate holder has ceased
			 transacting business, either in general, or with respect to the particular
			 business that is the subject of the certificate.
(b) The certificate holder has filed a
			 petition for relief under Chapter 7 of the United States Bankruptcy Code or a
			 bankruptcy court with jurisdiction has ordered relief according to said Chapter
			 7.
(c) If the certificate has been
			 suspended, the holder has failed to reinstate the certificate in the time set
			 forth in the order of suspension or, if not so addressed in the order, within
			 six months after the date of the order of suspension.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.14 - Preneed Sales Agents

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each
			 employee or agent selling preneed contracts or who execute contracts on behalf
			 of a certificate holder must be registered by that certificate holder as a
			 preneed sales agent (PSA). To sell preneed contracts, every certificate holder
			 must have at least one PSA registered. The fee for issuing or renewing a
			 certificate of authority does not include payment for any PSA
			 registrations.
(2) Application for
			 registration shall be made on the form published on the Department's website.
			 Each PSA registration requires payment of a $25 registration fee, which is to
			 be paid with the initial registration and annually thereafter. Each PSA
			 registration must be renewed annually. The fees for PSA initial registration
			 and annual renewal are set forth in Rule
			 482-3-002-.02.
(3) A PSA registration is not active if the
			 registrant is not affiliated with any certificate holder.
(4) An individual may be registered as a
			 preneed sales agent on behalf of more than one certificate holder if the
			 individual has received written consent of all certificate holders. The consent
			 must be filed with the application for PSA registration.
(5) The certificate holder shall notify the
			 Department within 30 days after a registered PSA's affiliation with a
			 certificate holder has terminated.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17, 2 7-17A-1 to -57
				  (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.15 - Examinations, Generally

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The
			 Commissioner has the power to examine the books and records of any certificate
			 holder or endowment care cemetery operating in the State. Examination authority
			 extends to an endowment care cemetery irrespective of whether the cemetery
			 authority is also a preneed certificate holder.
(2) Prior to a routine examination, a
			 questionnaire will be provided for completion by an authorized representative
			 of the certificate holder or cemetery authority.
(3) Prior to a routine examination, the
			 certificate holder or cemetery authority will be issued a call letter given
			 notice of the examination and listing the types of records that must be made
			 available during the examination. Additional records or information may be
			 requested during the examination or at any time before or after the
			 examination.
(4) Any forms, reports
			 or other documentation in response to or part of the examination, examination
			 report, or subsequent corrective action report, shall be signed by an
			 authorized representative of the certificate holder or cemetery
			 authority.
(5) Upon conclusion of
			 an examination, the certificate holder or cemetery authority will be provided
			 an examination report which specifies any deficiencies or violations found by
			 the examiner. The Department will schedule an exit conference to review the
			 examination report and any findings either as part of the examination or at a
			 later time.
(6) If the examination
			 report specifies issues for correction, the certificate holder or cemetery
			 authority shall have twenty (20) days from the date of the report within which
			 to object or to respond with a corrective action plan to resolve the issues
			 identified in the report. Any objection to the examination report must be in
			 writing and specifically state the objections the certificate holder or
			 cemetery authority has to the findings of the report. A corrective action plan
			 must be in writing and be mutually agreed to by the Department and the
			 certificate holder or cemetery authority. The failure of the preneed entity or
			 endowment care cemetery to respond to issues identified in the examination
			 report shall cause suspension of the certificate of authority until such time
			 as an adequate response has occurred.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.16 - Response To Requests For Information; Effect Of Pending Administrative Action

Current through Register Vol. 42, No. 9, June 28, 2024
(1) If records,
			 information, and/or a response are requested in writing of any applicant for or
			 holder of a preneed certificate of authority by any duly appointed employee,
			 examiner, or agent of the Commissioner, the requested records, information, or
			 response shall be provided within ten (10) business days of receipt of the
			 request unless the request specifies another time not less than ten (10)
			 business days from receipt. A failure to timely respond to a request shall be
			 deemed a violation of this chapter unless the Commissioner or the person making
			 the request grants an extension in writing or the applicant or certificate
			 holder can demonstrate to the satisfaction of the Commissioner that there is
			 reasonable justification for failure to timely respond.
(2) If the Department has notified an
			 applicant for or holder of a preneed certificate of authority of any
			 administrative action, that action must be addressed and/or resolved to the
			 Commissioner's satisfaction before the Department will:
(a) issue a certificate of authority or
			 branch registration,
(b) renew a
			 certificate or branch registration,
(c) approve a proposed transfer of a
			 certificate or branch registration, or
(d) enter an order of termination on an
			 application for voluntary surrender of a preneed certificate.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-003 - PRENEED CONTRACTS AND CERTIFICATES OF AUTHORITY › Section 482-3-003-.17 - Severability And Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 The provisions of this Chapter are severable. If any portion of this Chapter or
			 the application of a provision to any person or circumstance is held invalid,
			 the remainder of this Chapter, or the application of the provision to a person
			 or persons or circumstances other than those to which it is held invalid, shall
			 not be affected.
(2) This Chapter
			 shall be effective January 1, 2015, upon its approval by the Commissioner of
			 Insurance and upon its having been on file as a public document in the office
			 of the Secretary of State for ten days.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004.-01 - Authority And Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This
			 chapter is adopted pursuant to Section
			 27-2-17 and
			 27-17A-1 to -57 (2014),
Code of Ala. 1975
.
(2) This Chapter sets forth rules, standards
			 and requirements relating to funding methods for preneed contracts for funeral
			 and cemetery merchandise and services and operation of endowment care
			 cemeteries by cemetery authorities under the Alabama Preneed Funeral and
			 Cemetery Act of 2002, as amended. This Chapter operates in conjunction with
			 Chapters 482-3-002, 482-3-003, and 482-3-005.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.02 - Funding Methods

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The
			 following are available for use as the funding methods to defray the cost of
			 future performance of preneed contracts:
(a)
			 A funeral or cemetery merchandise and services trust.
(b) Life insurance or annuities sold in
			 conjunction with the preneed contract.
(c) A preneed seller's current revenues if
			 the seller has in force an approved surety bond.
(d) A preneed seller's current revenues if
			 the seller has in force an approved letter of credit.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.03 - Merchandise And Services Trusts

Current through Register Vol. 42, No. 9, June 28, 2024
(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.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.04 - Funeral Merchandise And Services Trust - Deposits

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any person who is paid, collects or
			 receives funds under a preneed contract for funeral merchandise and services to
			 be funded by trust shall timely deposit in trust an amount determined as
			 follows:
(a) 75% of the amount collected on
			 the purchase price for all funeral services and funeral merchandise sold,
			 transportation and facilities rented, other than outer burial
			 containers.
(b) 60% of the amount
			 collected on the purchase price for outer burial containers.
(c) 110% of the wholesale cost of memorials
			 from the amount collected on the purchase price of memorials.
(d) 100% of the amount collected on the
			 purchase price for all cash advance items sold.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.05 - Funeral Merchandise And Services Trust - Administration, Withdrawals

Current through Register Vol. 42, No. 9, June 28, 2024
(1) At all times,
			 the certificate holder shall be able to determine the amount held in trust
			 attributable to each contract holder.
(2) For all contracts entered into on or
			 after January 1, 2015, the determination shall be based upon the fair market
			 value of the trust at the time of determination and the proportionate share of
			 the fair market value attributable to each contract holder.
(3) For all contracts in effect before
			 January 1, 2015, the valuation of each contract may be calculated using any
			 valuation method that had been approved by the Commissioner.
(4)
(a) For
			 a withdrawal from the trust based on performance of a preneed contract, the
			 certificate holder must present valid proof of death to the trustee of the
			 trust. Such proof may take the following forms:
1. A copy of the published obituary;
			 or
2. A copy of the burial transit
			 permit; or
3. A working copy of the
			 death certificate or coroner's report.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.06 - Cemetery Merchandise And Services Trust - Deposits

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any person who is paid, collects or
			 receives funds under a cemetery preneed contract to be funded by trust shall
			 deposit in trust an amount as follows:
(a)
			 110% of wholesale cost for all cemetery merchandise.
(b) 60% of the purchase price specified in
			 the preneed contract for outer burial containers.
(c) 60% of the purchase price specified in
			 the preneed contract for cemetery services.
(d) 100% of the purchase price specified for
			 all cash advance items sold in the preneed contract.
(e) 75% of the purchase price for
			 caskets.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.07 - Use Of Surety Bond In Lieu Of Trusting

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A surety bond may be used in lieu of
			 establishing and maintaining a merchandise and services trust. The surety bond,
			 its form, and amount must be approved by the Commissioner prior to use and
			 written through an insurance company authorized to transact surety insurance in
			 Alabama.
(2) The amount of the
			 initial surety bond must be not less than the aggregate value of outstanding
			 liabilities on undelivered preneed contracts of the certificate holder as of
			 the end its last fiscal year. For purposes of determining the amount of the
			 surety bond, "outstanding liabilities" means the original retail amount of
			 services and cash advances and the actual cost to the certificate holder to
			 provide the undelivered merchandise sold on each contract written after April
			 30, 2002. The surety bond shall be in an amount sufficient to cover the
			 outstanding liability at the time each contract is executed.
(3) After initial approval, the amount of the
			 bond shall be increased or decreased as necessary to correlate with changes in
			 the outstanding liabilities for the previous calendar quarter and the projected
			 liability for the immediately following quarter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.08 - Use Of Letter Of Credit In Lieu Of Trusting

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A letter of credit may be used in lieu of
			 establishing and maintaining a merchandise and services trust. The letter of
			 credit, its form, and amount must be approved by the Commissioner prior to
			 use.
(2) The letter of credit must
			 be "evergreen," meaning it will not expire without an affirmative action by the
			 issuer of the letter of credit. The amount of the letter of credit shall be
			 determined in the same manner as indicated in Rule
			 482-3-004-.07 for the amount of
			 surety bonds.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala. 1975,
				  §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.09 - Pre-Act Trusts

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A preneed
			 merchandise and services trust established for funds collected on preneed
			 contracts entered into prior to May 1, 2002, may not be merged with a trust
			 established for preneed contracts entered into on and after May 1, 2002,
			 without the express permission of the Commissioner.
(2) To approve the merger of the trusts, the
			 Commissioner must be satisfied that the minimum amounts required to be trusted
			 under the law have been trusted on the contracts entered into prior to the
			 law.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.11 - Using Life Insurance Or Annuities To Fund A Preneed Contract For Funeral Or Cemetery Merchandise And Services

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The offering and sale of life insurance
			 or annuities intended to fund future performance of funeral or cemetery preneed
			 contracts must comply with all applicable sections of the Alabama insurance
			 code [Ala. Code Tit. 27] and applicable insurance regulations.
(2) Life insurance or annuities may only be
			 offered through insurance companies authorized by the Commissioner to engage in
			 the business of life insurance in Alabama. All policy and related forms must
			 have been reviewed and approved by the Commissioner prior to use.
(3) Except as provided in paragraph (4), any
			 registered preneed sales agent or other employee of a preneed provider who
			 engages in the solicitation, negotiation, or sale of an individual life
			 insurance policy or annuity contract must be actively licensed as an insurance
			 producer qualified in the life line and as to the type of annuity offered, and
			 must be properly appointed by the insurance company whose product is being
			 offered. A business entity certificate holder may hold a business entity
			 producer license, but at least one employee of that entity must hold an
			 individual producer license and be designated by the entity as the person
			 responsible for the entity's compliance with insurance laws. Appropriate
			 licensing and insurer appointment are required in order to receive payment of
			 commissions for the sale of life insurance or annuities.
(4) A registered preneed sale agent or other
			 employee of a preneed provider need not hold an insurance producer license if:
(a) The life insurance product being offered
			 is group life insurance;
(b) The
			 agent's or employee's insurance-related activity is strictly limited to
			 obtaining information needed to enroll a preneed contract beneficiary in a
			 group insurance plan or to issue that person a certificate of insurance under a
			 group insurance plan; and
(c) The
			 agent or employee is not paid a commission for the activity.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.12 - Investment In Life Insurance And Annuities By Preneed Funeral Merchandise And Services Trusts

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In order
			 for a funeral merchandise and service trust to invest in life insurance and
			 annuities as provided in
Code of Ala. 1975
, §
								27-17A-32(d)
			 (2014), the trust agreement must include language that permits such investment
			 by the trustee. A preneed contract for which a trust invests in insurance
			 policies or annuities as allowed by
Code of Ala. 1975
,
			 §
								27-17A-32(d)
			 (2014) is a trust-funded contract for purposes of the Act and this
			 Chapter.
(2) A trustee of a funeral
			 merchandise and services trust has a limited insurable interest in the life of
			 a preneed contract purchaser or a preneed contract beneficiary. The extent of
			 the insurable interest of the trustee is limited to the lesser of $20,000 or
			 100% of the purchase price of the preneed contract.
(3) If so authorized by the trust agreement,
			 the trustee of a funeral merchandise and services trust may invest any portion
			 or all of the funds deposited in trust for preneed contracts in life insurance
			 contract or annuities issued on the lives of the preneed contract purchasers or
			 preneed contract beneficiaries if the following requirements are met:
(a) The insurer is properly licensed by the
			 Commissioner and by the insurer's domiciliary jurisdiction.
(b) Prior to the investment, the insured or
			 annuitant consents, in writing, to the investment in a life insurance contract
			 or annuity on the person's life.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-004 - PRENEED CONTRACT FUNDING AND TRUSTS › Section 482-3-004-.13 - Severability And Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 The provisions of this Chapter are severable. If any portion of this Chapter or
			 the application of a provision to any person or circumstance is held invalid,
			 the remainder of this Chapter, or the application of the provision to a person
			 or persons or circumstances other than those to which it is held invalid, shall
			 not be affected.
(2) This Chapter
			 shall be effective January 1, 2015, upon its approval by the Commissioner of
			 Insurance and upon its having been on file as a public document in the office
			 of the Secretary of State for ten days.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-005 - REQUIRED FUNERAL AND CEMETARY TRANSACTION RECORDS › Section 482-3-005-.01 - Authority And Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This
			 Chapter is adopted pursuant to
Code of Ala. 1975
,
			 §§
								27-2-17 and
			 27-17A-1 to -57 (2014).
(2) This Chapter sets forth rules, standards
			 and requirements relating to record keeping by preneed certificate holders and
			 cemetery authorities operating endowment care cemeteries under the Alabama
			 Preneed Funeral and Cemetery Act of 2002, as amended. This Chapter operates in
			 conjunction with Chapter 482-3-002, 482-3-003, and 482-3-004.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-3-005 - REQUIRED FUNERAL AND CEMETARY TRANSACTION RECORDS › Section 482-3-005-.02 - Records Availability

Current through Register Vol. 42, No. 9, June 28, 2024
Certificate holders selling preneed contracts for funeral and
				cemetery merchandise and services shall maintain accurate and up-to-date types
				of records specified in this Chapter in a manner so as to be readily
				retrievable and made available to the Commissioner and his designees for
				examination or other purposes.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-17A-1 to -57 (2014).