75-63-68 - Conversion of trust funded prepaid funeral benefits to insurance funded prepaid funeral benefits or annuity contract upon appeal to Secretary of State; written disclosure of terms to affect - Mississippi Statutes

§ 75-63-68. Conversion of trust funded prepaid funeral benefits to insurance funded prepaid funeral benefits or annuity contract upon appeal to Secretary of State; written disclosure of terms to affected preneed purchasers.
 

A registered preneed contract provider may convert trust funded prepaid funeral benefits to insurance funded prepaid funeral benefits or annuity contracts upon appeal to the Secretary of State. If approved, the Secretary of State shall issue an order to the trustee to withdraw the funds for the trustee to purchase a preneed insurance policy or annuity contracts on behalf of the seller. The preneed seller shall disclose in writing to all affected preneed purchasers the terms of the insurance policy or annuity contract. Except as provided in this section, no funds deposited in trust with a trustee shall be withdrawn by the trustee to purchase a preneed insurance policy or annuity contracts. 
 

Sources: Laws, 2009, ch. 549, § 9, eff from and after July 1, 2009.