Ala. Admin. Code r. 395-X-8-.02

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

Section 395-X-8-.02 - Definitions

The definitions set forth in § 34-13-1, Code of Ala. 1975, apply in this Chapter, together with the following definitions:

(1)Board. The Alabama Board of Funeral Services.

(2)Department. The Alabama Department of Insurance.

(3)GAAP (Generally Accepted Accounting Principles). Uniform minimum standards of, and guidelines to, financial accounting and reporting. The Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) are authorized to establish these principles.

(4)FINANCIAL STATEMENT. The written disclosure of financial information by an applicant for or holder of a preneed certificate of authority according to accounting principles and in a form prescribed by this Chapter.

(5)PRENEED CONTRACT. As defined in Code of Ala. 1975, § 34-13-1 and Rule 395-X-9-.01.

(6)PRINCIPAL. In reference to a preneed contract, the total sum of deposits on the individual items in the contract. In reference to a trust, the total sum of deposits in trust for all preneed contracts.

(7)THE ACT. The Alabama Preneed Funeral and Cemetery Act of 2023, Code of Ala. 1975, §§ 34-13-170 to -277 (2023).

Ala. Admin. Code r. 395-X-8-.02

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.