- (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 Commissioner.
- (2) To approve the merger of the trusts, the Commissioner 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.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§27-2-17, 27-17A-1 to -57 (2014).
History: New Rule: November 13, 2014; effective January 1, 2015. Filed with LRS November 13, 2014. Rule is not subject to the Alabama Administrative Procedure Act.