Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 2 - FUNERAL CONTRACT TRUST FUNDS › Section 2-8 - Contents of Contracts - Procedure

Current through July 13, 2024
(a) At the time the
				contract is entered into the contract seller shall furnish each contract buyer
				with a duplicate original of the contract and, if said contract requires
				services to be performed at a future time by a person other than the contract
				seller, then the contract seller shall furnish the contract buyer with a copy
				of the instrument between the contract seller and such person obligated to
				perform the services agreed upon to be furnished and performed at the price
				provided in the contract.
(b) The
				contract seller shall file with the commissioner a master copy of each form of
				contract offered or sold by such contract seller and a master copy of any form
				instrument between the contract seller and a person licensed by the state
				whereby said person agreed to actually perform any services under any contracts
				offered or sold by the contract seller. In addition, the contract seller shall
				furnish the commissioner a written instrument on each contract sold, showing
				the names of all parties, the goods or services sold, the consideration
				therefor, and the terms of payment.
(c) If any contract contains an agreement for
				the performer to furnish services at a future time, the contract shall state
				the name and address of the principal office of the person licensed by the
				state who will perform such services. If no request for performance of the
				contract shall have been received by the contract seller from the next of kin
				or legal representative of the decedent within seventy-two hours after the
				death of the decedent, then the contract seller shall cause such services to be
				performed and such goods supplied in the manner provided in the contract, and
				upon the performance of such services, liability under such contract shall be
				conclusively deemed terminated.
Any checking account, savings account, certificate of deposit
				  or other evidence of investment for credit jointly held in the names of a
				  person (as defined in these regulations) and a licensed embalmer, undertaker,
				  funeral director or other person regularly engaged in selling or furnishing
				  funeral supplies or services (which include any embalming, caskets, cemetery
				  lots, plots; niches, crypts, vaults, markers; cremations or any other thing
				  incident to the ultimate disposal of dead bodies) shall be conclusively
				  presumed to have with it an underlying contract which specifically provides for
				  said services, and said account etc., shall be construed to be a part of a
				  pre-need contract (as defined herein) and subject to these regulations.
No contract, rider or addendum thereto, shall be offered for
				  sale in Wyoming if such shall fail to provide for the furnishing of specific
				  goods or services or both for a specified amount and no contract, rider or
				  addendum shall contain a clause which provides for the diminution of the value
				  of said goods or services or both or for an increase in the cost of same,
				  contingent upon the happening of a future event or the existence in the future
				  of any condition, economic or otherwise.
(d) In the event of default or termination or
				cancellation by the contract seller for any reason whatsoever, said contract
				seller shall forthwith tender to the contract buyer all funds deposited on
				behalf of the contract buyer in the depository maintained by the contract
				seller. Said contract seller shall at the same time pay to the buyer all
				interest which has accrued on said funds as determined by the records of the
				depository and which otherwise is or was to be the property of the seller. (The
				fact that these regulations otherwise allow the contract seller to retain the
				interest shall not abrogate this requirement).
In the event of default or termination or cancellation by the
				  contract buyer, other than by death, the contract seller shall forthwith tender
				  to the contract buyer 80% of all principal funds which are on deposit as
				  aforesaid. Accrued interest may be retained by the contract seller.
(e) All contracts shall contain
				the words "not insurance" in bold face type on the face of each
				contract.
(f) No contract shall
				restrict any contract buyer who is receiving old age pension benefits from
				making his contract irrevocable in accordance with the rules and regulations of
				the State Department of Public Assistance and Social Services.