Ala. Admin. Code r. 395-X-11-.08

Current through Register Vol. 43, No. 1, October 31, 2024

Section 395-X-11-.08 - Pre-Act Trusts

(1) A preneed merchandise and services trust established for funds collected on preneed contracts entered into prior to May 1, 2002, may not be merged with a trust established for preneed contracts entered into on and after May 1, 2002, without the express permission of the Board.

(2) To approve the merger of the trusts, the Board must be satisfied that the minimum amounts required to be trusted under the law have been trusted on the contracts entered into prior to the law.

Adopted by Alabama Administrative Monthly Volume XLII, Issue No. 06, March 29, 2024, eff. 5/13/2024.

Author: Charles M. Perine

Statutory Authority:Code of Ala. 1975, §§ 34-13-26, 34-13-27, 34-13-170 to -277.