If the settlor changes the beneficiary, he must:

1. (1) select a new beneficiary licensed under IC 25-15 , or a funeral home or a funeral director licensed in another state; and

2. (2) give written notification to the funeral home originally named as beneficiary.

   As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.25.