1. (a) General requirements.

   1. (1) Application for prepaid funeral benefits permit form. An application for Prepaid Funeral Benefits shall be submitted to the Insurance Department in the form and manner prescribed by the Insurance Commissioner on the Insurance Department website. The application must be approved by the Insurance Commissioner before any contracts covered by this act may be marketed. The statutory fee of fifty dollars ($50.00) must accompany this application. An NAIC UCAA Biographical Affidavit must be submitted for each owner(s) of the organization and each designated agent as defined by Section 6126 of the Act.
   2. (2) Bond form requirements. A bond used in connection with the Act shall be filed in the form and manner prescribed by the Insurance Commissioner. Any variance from this form must have the prior written approval of the Insurance Commissioner. If any bond required by the Act is canceled for any reason, a thirty (30) day written notice must be given by the insurer to the Insurance Commissioner.
   3. (3) Conversion Forms. Applications for Conversion from a trust funded prepaid funeral benefit to an insurance-funded prepaid funeral benefit shall be approved by the Insurance Commissioner before any contracts covered by the Act may be converted. Applications for Conversion shall be submitted to the Insurance Department in the form and manner prescribed by the Insurance Commissioner on the Insurance Department website. Any variance from this form must have prior written approval by the Insurance Commissioner.
   4. (4) Notice of Sale. The seller of a prepaid funeral benefits permit must submit an application to the Insurance Department in the form and manner prescribed by the Insurance Commissioner on the Insurance Department website, at least forty-five (45) days prior to the transfer of ownership. In addition to the notice, the seller must also submit a listing of unrealized prepaid funeral contracts. Insurance funded contracts should be listed independently from trust funded contracts. The listing will, at minimum, reflect the contract holder's name, contract number, contract value, the name of the insurer and the policy's face value (when applicable), and the trust value at the time of notice (when applicable).
   5. (5) Assumption Affidavit. The buyer of a prepaid funeral benefits permit must notify the Commissioner, in the form and manner prescribed by the Insurance Commissioner on the Insurance Department website, of the buyer's intent to purchase thirty (30) days prior to transfer of ownership.
   6. (6) Application for Renewal. The application for renewal of a prepaid funeral benefits permit must be filed with the Commissioner in the form and manner prescribed by the Commissioner on the Insurance Department website, no later than December 31 of each year form in order to renew the permit for the succeeding calendar year. The statutory fee of fifty dollars ($50.00) must accompany the application.

2. (b) Additional general requirements.

   1. (1) Annual reports.

      1. (A) Annual reports must be filed in accordance with Section 6128 of the Actin the manner and form prescribed by the Commissioner on the Insurance Department website. Such reports shall be submitted in columnar form in alphabetical order according to the last name of the contract holder. A complete annual report shall be composed of the following items arranged in the order shown below:

         1. (i) PF-1-a
         2. (ii) PF-1-b
         3. (iii) PF-1-c
         4. (iv) PF-1-d
         5. (v) PF-2-a
         6. (vi) PF-2-b
         7. (vii) PF-2-c
         8. (viii) PF-3
      2. (B) Computer print-outs may be submitted in lieu of the reports listed above so long as each legibly provides no less information than shown in the Insurance Commissioner's sample forms. Not less than one page of each annual report form shown above, other than the PF-2-b, shall be submitted. However, where a particular form is not relevant to the operations of a given permitholder, it may be submitted clearly marked, "Not Applicable".
   2. (2) Annual statement of financial condition. An Annual Statement of Financial Conditionshall be filed in accordance with Section 6129 of "The Act" in the manner and form prescribed by the Commissioner on the Insurance Department website.

Amended at 10 Ok Reg 1507, eff 5-1-93

Amended at 17 Ok Reg 1701, eff 7-14-00

Amended at 25 Ok Reg 1660, eff 7-14-08

Amended at 26 Ok Reg 1654, eff 7-14-09

Amended at 27 Ok Reg 165, eff 11-1-09 (emergency)

Amended at 27 Ok Reg 1551, eff 7-14-10

Amended at 39 Ok Reg 1851, eff 9-11-22

Amended at 40 Ok Reg 1628, eff 9-1-23