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2017 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions and Securities
Chapter 40 - Arkansas Prepaid Funeral Benefits Law
§ 23-40-114. Trust funds -- Creation -- Deposits, withdrawals, and transfers of funds
Universal Citation: AR Code § 23-40-114 (2017)
- (a) All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be deposited with a trustee within twenty (20) business days after receipt of proceeds, to be held, invested, and administered in a trust fund for the benefit and protection of the contract purchasers pursuant to this chapter.
- (b) Each trust fund shall be created by a letter or written agreement which shall be filed with and approved by the Insurance Commissioner prior to placement of funds.
- (c) The seller may deposit money or property as surplus at any time.
- (d) The commissioner shall prescribe by regulation proper affidavits and forms for the withdrawal of funds from the trust fund.
- (e) The commissioner shall first approve and authorize in writing any transfer of funds from an existing trustee to a proposed new trustee if the proposed new trustee meets the requirements of this chapter and the rules and regulations promulgated thereunder.
- (f) The licensee shall file a request for a transfer of funds, together with a filing fee of two hundred fifty dollars ($250), and any other information required by rule or regulation.
- (g) This section shall not apply to the proceeds of insurance policies or contracts, and it shall not be necessary to establish a trust for the payment of such proceeds to the beneficiary designated in the policy or contract or the assignee or transferee thereof.
- (h) [Repealed.]
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