Arkansas Code Title 23, Subtitle 2, Chapter 40 - Arkansas Prepaid Funeral Benefits Law

• § 23-40-101 - Short Title.
  This chapter shall be known as the "Arkansas Prepaid Funeral Benefits Law".
• § 23-40-102 - Purpose.
  The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.
• § 23-40-103 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Cash accommodation items" means flowers, honorariums, death certificates, sales taxes, grave opening and...
• § 23-40-104 - Arkansas Insurance Code Not Affected.
  Nothing in this chapter shall apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.
• § 23-40-105 - Burial Associations Exempted.
  Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to § 23-78-101 et seq.
• § 23-40-106 - Violations -- Penalties.
  (a) (1) Any officer, director, agent, or employee of any organization subject to the terms of this chapter who makes, or attempts to make,...
• § 23-40-107 - Division of Prepaid Funeral Benefits -- State Insurance Department Prepaid Trust Fund.
  (a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division...
• § 23-40-108 - Administration.
  (a) This chapter shall be administered by the Insurance Commissioner.(b) The commissioner is authorized to prescribe reasonable rules and regulations concerning keeping and inspection...
• § 23-40-109 - Permit Required.
  (a) Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an "organization", desiring to sell prearranged or prepaid funeral services or...
• § 23-40-110 - Application for Initial or Renewed Permit.
  (a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any...
• § 23-40-111 - Issuance of Permit -- Cancellation or Denial.
  (a) (1) The Insurance Commissioner may issue a permit conditioned upon satisfactory completion of all requirements of this chapter prior to the applicant's offering...
• § 23-40-112 - Prepaid Funeral Benefits Contracts.
  (a) (1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts. (2) (A) Except as provided in subdivision (a)(2)(B) of this section,...
• § 23-40-113 - Change of Ownership.
  (a) The seller shall apply for change of ownership or control when: (1) The seller transfers all or a portion of the interest in...
• § 23-40-114 - Trust Funds -- Creation -- Deposits, Withdrawals, and Transfers of Funds.
  (a) All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be...
• § 23-40-115 - Trust Funds -- Investments.
  (a) (1) The trustees shall invest the trust fund only in the following: (A) Demand deposits, savings accounts, certificates of deposit, and all other...
• § 23-40-116 - Trust Funds -- Disbursements.
  The trustee shall disburse money or other property from the trust fund only as follows: (1) Upon the death of the contract beneficiary and...
• § 23-40-117 - Trust Funds -- Exemption From Attachment, Etc.
  (a) All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment,...
• § 23-40-118 - Agent for Deposit of Contract Proceeds.
  (a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their...
• § 23-40-119 - Annual Report and Fee.
  (a) Each organization shall file an annual report and an annual report fee with the Insurance Commissioner on or before March 15 of each...
• § 23-40-120 - Records Required -- Examination.
  (a) Each organization which has outstanding contracts for prepaid funeral benefits shall maintain within this state any records which the Insurance Commissioner may require...
• § 23-40-121 - [Repealed.]
• § 23-40-122 - Cancellation or Transfer.
  (a) A purchaser may cancel or transfer a prepaid contract under this section, whether revocable or irrevocable, or whether cash-funded or funded by insurance...
• § 23-40-123 - Delinquency Proceedings.
  (a) If it appears upon sufficient grounds or evidence satisfactory to the Insurance Commissioner that a person or a licensee has engaged in or...
• § 23-40-124 - Compliance.
  Compliance with this act shall be required for all licensees on and after March 16, 1997.
• § 23-40-125 - Prepaid Funeral Contracts Recovery Program Fund -- Created -- Prepaid Funeral Contracts Recovery Program Board -- Established.
  (a) There is established within the State Insurance Department Prepaid Trust Fund an account to be known as the "Prepaid Funeral Contracts Recovery Program...
• § 23-40-126 - Unfair Competition or Unfair or Deceptive Acts or Practices Prohibited -- Penalties.
  An unfair method of competition or an unfair or deceptive act or practice under §§ 23-66-206(1)-(4), 23-66-206(6)-(8), and 23-66-207 -- 23-66-213 in the sale...

Last modified: November 15, 2016