(a) A burial association that has excess financial resources, as determined by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, may request that the board approve a plan to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.(b) On the approval of the board, the burial association shall submit a plan to the board to pay death benefits in excess of the face value of certificates of benefits issued by the burial association to members of the burial association.(c)(1) The plan described in subsection (b) of this section shall: (A) Be based on the class of business of the burial association; and(B) Require that death benefits are paid on a fair, proportionate, and equitable basis to members of the burial association.(2) The plan shall not impugn the financial integrity of the burial association.(d) In determining whether or not a burial association has excess financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to ss financial resources, the board shall not consider the assets of a burial association that are attributable to certificates written after July 20, 1987, to be commingled with assets attributable to certificates written before July 20, 1987.Amended by Act 2017, No. 788,§ 91, eff. 7/1/2018.Added by Act 2015, No. 1030,§ 2, eff. 7/22/2015.
Arkansas Legal Code