(a)The department shall supervise and audit the funds
derived by any person either residing in or doing business
within the state, from prepaid or prearranged funeral contracts
providing for the sale of caskets, burial vaults, monuments or
memorials or any burial supplies and equipment and funeral
services, if the sale is made, either outright or on the
installment basis, prior to the demise of the person purchasing
them or for whom they are purchased, with the merchandise or
service, or both, to be delivered at a future date at time of
need. All funds received from these contracts or arrangements by
any person either residing in or doing business within this
state shall be received, invested and withdrawn according to
requirements the department approves. Investment in a bank,
trust comp
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(a) The department shall supervise and audit the funds
derived by any person either residing in or doing business
within the state, from prepaid or prearranged funeral contracts
providing for the sale of caskets, burial vaults, monuments or
memorials or any burial supplies and equipment and funeral
services, if the sale is made, either outright or on the
installment basis, prior to the demise of the person purchasing
them or for whom they are purchased, with the merchandise or
service, or both, to be delivered at a future date at time of
need. All funds received from these contracts or arrangements by
any person either residing in or doing business within this
state shall be received, invested and withdrawn according to
requirements the department approves. Investment in a bank,
trust company or federal savings and loan association in Wyoming
is an approved investment. The deposit of funds received from
the sale of these contracts or arrangements in irrevocable pre-
need funeral trusts, the funds of which are invested in
compliance with W.S. 4-10-901 and 4-10-902, is an approved
investment. Earnings, including interest, income and dividends,
from any investment of an irrevocable pre-need funeral trust may
inure to the benefit of the seller of the prepaid or prearranged
funeral contract, but shall be withdrawn from the irrevocable
trust only upon the occurrence of an event that requires
withdrawal of the corpus of the trust. Neither the person
purchasing a prepaid or prearranged funeral contract nor any
person for whom the contract is purchased shall be entitled to
terminate or cancel the contract or make demand for the funds
paid for the contract after the funds are deposited into an
irrevocable pre-need funeral trust.
(b) The commissioner shall promulgate rules and
regulations for the purposes specified in subsection (a) of this
section to include regulation of contract provisions and funds
thereunder. The rules shall require notice to buyers of prepaid
or prearranged funeral contracts of the types of investments
into which funds derived from the sale of these contracts may be
deposited and the risks associated with those investments. The
rules shall require notice to buyers of the ability to cancel or
terminate a contract or make demand for any amounts paid for the
contract. Rules promulgated by the commissioner shall not
require any additional surety bond amount for those monies
deposited in an irrevocable pre-need funeral trust and invested
in compliance with W.S 4-10-902 beyond the minimum surety bond
required of all persons deriving funds from prepaid or
prearranged funeral contracts.
(c) A person shall not sell prepaid or prearranged funeral
contracts in this state unless the person is licensed by the
department in accordance with W.S. 26-9-203.