§ 27-37-8 — Valuation - Funeral Supplies and Equipment

Funeral supply inventories owned by the insurer shall be valued at an amount not exceeding cost to the insurer or market value, whichever is lower. Funeral equipment owned by the insurer shall be valued at an amount not in excess of cost to the insurer reduced by depreciation at the rate of not less than 18 percent per annum from date of acquisition of such equipment.

Legislative History

(Acts 1971, No. 407, p. 707, §752.)