A. Member organizations may convert trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits. The conversion shall be subject to the provisions of Section 6125.2 of this title.
B. The Insurance Commissioner shall 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. The Commissioner shall prescribe rules detailing the steps necessary to complete the conversion of prepaid funeral benefit contracts funded by a trust to prepaid funeral benefits contracts funded by insurance.
Added by Laws 1999, c. 226, § 1, emerg. eff. May 26, 1999. Amended by Laws 2009, c. 294, § 9, eff. Nov. 1, 2009.
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