(A) If a preneed funeral contract is funded by any means other than an insurance policy or policies, or an annuity or annuities, the trustee of the trust created pursuant to section 4717.36 of the Revised Code shall notify the purchaser of the preneed funeral contract in writing, within fifteen days after the trustee receives any payment to be deposited into the trust, that the trustee has received payment. The notice shall include all of the following information:
(1) The amount the trustee received;
(2) The name and address of the institution described in division (B) of section 4717.36 of the Revised Code where the trust is being held;
(3) The name of the beneficiary of that trust.
(B) If a preneed funeral contract is funded by the purchase or assignment of one or more insurance policies or annuities, the insurance company shall notify the purchaser of the preneed funeral contract in writing within sixty days after the insurance company receives an initial premium payment applicable to that preneed funeral contract. The notice shall include all of the following information that is pertinent to that preneed funeral contract:
(1) The amount the insurance company received;
(2) The name and address of the insurance company;
(3) The name of the insured;
(4) The amount of the death benefit;
(5) The policy or contract number of the insurance policy, annuity, or contract.
(C) For purposes of division (B) of this section, delivery of an insurance policy, certificate, annuity, or contract to the purchaser shall satisfy the notice requirement specified in that division.
Effective Date: 2008 SB129 07-06-2009
Section: Previous 4717.26 4717.27 4717.28 4717.29 4717.30 4717.31 4717.32 4717.33 4717.34 4717.35 4717.36 4717.37 4717.38 4717.39 4717.99 NextLast modified: October 10, 2016