- A. Member organizations may convert trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits. Such conversion shall be subject to the provisions of Section 6125.2 of Title 36 of the Oklahoma Statutes.
- B. The Commissioner must approve a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits as safeguarding the rights and interests of the individual who purchases the prepaid funeral benefits contract.
C. Each contract purchaser or holder shall be notified in writing of:
- 1. The terms of the proposed conversion including those terms set out in Section 6125.2 of Title 36 of the Oklahoma Statutes; and
- 2. The holder's right to decline the conversion.
- D. An application for approval of a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits must be filed with the Commissioner on forms prescribed by the Commissioner.
- E. In addition to the other investments permitted by Section 6125 of this title, funds deposited pursuant to Section 6125 of this title may be invested in the purchase of contracts of annuities as authorized by Section 702 of this title.
Added by Laws 1999, HB 1663, c. 226, § 1, emerg. eff. May 26, 1999.