Arkansas Code § 23-78-126 - Plan for Excess Financial Resources -- Approval Required

(a) A burial association that has excess financial resources, as determined by the Burial Association Board, may request that the board approve a plan to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.

(b) On the approval of the board, the burial association shall submit a plan to the board to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.

(c) (1) The plan described in subsection (b) of this section shall:

(A) Be based on the class of business of the burial association; and

(B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association.

(2) The plan shall not impugn the financial integrity of the burial association.

(d) In determining whether or not a burial association has excess financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to certificates written before July 20, 1987.

Section: Previous  23-78-113  23-78-114  23-78-115  23-78-116  23-78-117  23-78-118  23-78-119  23-78-120  23-78-121  23-78-122  23-78-123  23-78-124  23-78-125  23-78-126  

Last modified: November 15, 2016