Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 100 - Sales of Cemetery Merchandise, Funeral Merchandise and Funeral Services › Rule 191-100.33 - Records Maintenance and Retention.

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
By preneed sellers.
a.
Time for retaining
				records.
If no other legal provision governs record retention, a
				preneed seller shall keep all records required to be kept by this rule either
				from the date of the preneed seller's last examination by the commissioner or
				for a minimum of five years after the date of the death of the beneficiary,
				whichever is sooner.
b.
Confidentiality.
The preneed seller shall keep social security
				numbers confidential.
c.
Sales log and numbering of purchase agreements.
A preneed
				seller shall maintain a sales log of purchase agreements, assigning numbers in
				sequential order to each purchase agreement sold during a calendar year.
(1) Prenumbered contracts are not required.
				If a contract is not prenumbered, the sales agent shall write the contract
				number on the purchase agreement at the time it is executed or in a document
				provided later to the purchaser.
(2) The copy of the purchase agreement given
				to the purchaser shall include the contract number assigned to the purchase
				agreement.
(3) If a correction to
				the contract number is required, the correction shall be recorded in the sales
				logs, and documentation that retains evidence of the initial number used shall
				be maintained.
(4) Preneed sellers
				shall use the following numbering system, unless they receive written
				permission from the commissioner to use a different system.
1. The first portion of the number shall be
				the year the contract was written.
2. The second portion of the number shall be
				sequential and indicate the number of contracts executed by the preneed seller,
				to date, in the applicable calendar year.
3. Additional suffixes may be used as
				follows:
* A preneed seller with multiple locations may use a suffix
				  to identify each location by number.
* A preneed seller with multiple sales agents may use a
				  numerical suffix to identify the sales agent.
4. Each part of the number shall be separated
				by a hyphen.
An example of the numbering system is provided on the
				  commissioner's website.
d.
Transaction records.
A
				preneed seller shall document all transactions with purchasers and prospective
				purchasers and maintain accurate copies and records of all purchase
				agreements.
e.
Deposit
				records.
Preneed sellers shall maintain records of all deposits made
				into accounts related to purchase agreements. If purchase agreement payments
				made to a preneed seller and funds not related to a purchase agreement are
				commingled and deposited together in a single account, or if a deposit to an
				account involves purchase agreement payments related to more than one purchase
				agreement, the preneed seller shall retain a detailed summary of each deposit
				showing the amounts related to the different purchase agreements.
f.
Record of sales agents.
A
				preneed seller shall maintain a list of all sales agents who sold purchase
				agreements on behalf of the preneed seller during each calendar year. The
				records shall include the license number of each sales agent and the dates of
				the sales agent's employment. Upon the commissioner's request, these records
				shall be provided to the commissioner.