A. The owner of a cemetery maintaining a Perpetual Care Trust Fund, or certificate of deposit in lieu of a Perpetual Care Trust Fund, shall be required to pay to the Insurance Commissioner an annual fee of Two Hundred Dollars ($200.00), and file a report of each cemetery by March 15 of each year with the Commissioner, showing, for the preceding calendar year:
1. The gross amount received from sales of grave spaces, lots, mausoleum crypts and niches;
2. The total purchase price of grave spaces, lots, mausoleum crypts and niches on contracts which received final payment and required deposits to the Perpetual Care Fund during the calendar year;
3. The operating expenses incurred during the calendar year which are eligible to be paid from income of the Perpetual Care Fund;
4. The total amount of the principal of the Perpetual Care Fund as of the beginning of the preceding calendar year; and
5. The amount segregated and deposited in the Perpetual Care Fund as provided by the Perpetual Care Fund Act which, if the Perpetual Care Fund is held in trust, shall be certified by the trustee of the Perpetual Care Fund as to correctness thereof, and the trustee shall provide:
The annual fee collected pursuant to this subsection shall be deposited in the State Insurance Commissioner Revolving Fund created pursuant to Section 307.3 of this title.
B. If the Perpetual Care Fund is maintained in a certificate of deposit in lieu of a trust fund, the cemetery shall provide in its annual report a verification from the financial institution as to the amount of principal of the Perpetual Care Fund as of the end of the calendar year, and the amount of funds contributed to the certificate of deposit by the cemetery as of each maturity date of the certificate of deposit during the last calendar year.
C. The Commissioner shall have authority, at any time, to inspect the books and records of any cemetery, and to make an examination thereof for the purpose of determining if proper sums have been deposited with the trustee in the Perpetual Care Fund, or in a certificate of deposit maintained in lieu of a trust fund, and if the Fund is being properly administered by the trustee in accordance with the provisions of the Perpetual Care Fund Act and rules of the Commissioner. The examination shall be conducted pursuant to Sections 309.1 through 309.7 of this title and the cost of the examination shall be paid by the cemetery owner. The cost of the examination shall be billed directly to the cemetery owner by the examiner. Each cemetery owner and trustee is responsible for maintaining satisfactory books and records which adequately justify all information contained in the annual report required by this section.
D. Whenever a cemetery owner and/or trustee refuses to submit the books, records, papers, and instruments of the cemetery to the examination and inspection of the assistants or examiners of the Insurance Commissioner, or refuses or neglects to establish or maintain a Perpetual Care Trust Fund in accordance with the requirements of the Perpetual Care Fund Act within ninety (90) days after a written demand to establish or maintain a Perpetual Care Fund is made by the Commissioner, or in any manner obstructs or interferes with the examination of its cemetery or refuses to be examined on oath concerning any of the affairs of its cemetery, the Commissioner may make application for receivership in the manner of a domestic insurer pursuant to Sections 1901 through 1920 of this title.
Added by Laws 1953, p. 17, § 6, emerg. eff. May 19, 1953. Amended by Laws 1993, c. 218, § 3, eff. Sept. 1, 1993; Laws 1995, c. 82, § 2, eff. Nov. 1, 1995; Laws 2000, c. 205, § 28, emerg. eff. May 17, 2000; Laws 2005, c. 48, § 23, eff. Nov. 1, 2005; Laws 2007, c. 80, § 10, eff. Jan. 1, 2008; Laws 2010, c. 58, § 5, eff. July 1, 2010. Renumbered from Title 8, § 166 by Laws 2010, c. 58, § 31, eff. July 1, 2010; Amended by Laws 2016, c. 118, § 2, eff. Nov. 1, 2016.