Alabama § 34-13-192 - Report of Preneed Contract Activity; Written Logs.

§ 34-13-192. Report of Preneed Contract Activity; Written Logs.

(a) Each year, the certificate holder shall file one or more reports of its preneed contract activity on a form or in a format prescribed by the board and as often as deemed necessary by the board. The information reported shall include the total number of preneed contracts in force at the end of the previous calendar year, the total number of preneed contracts sold during the previous calendar year, the total number of preneed contracts fulfilled during the previous calendar year, the total number of preneed contracts in force at the end of the previous calendar year, and such other information as may be required by the board. The report shall be organized by type of funding, including life insurance, annuity, trust, letter of credit, or surety bond. The report shall also provide a certification by the trustee of the amount of assets held by the trust at the beginning of the reporting period and at the end of the reporting period, together with the amount of deposits and withdrawals during the reporting period.

(b) The certificate holder shall maintain a written log of preneed sales. The log shall be on a form or in a format prescribed by the board, shall detail all information required by the board, and shall be available for inspection at any time by the board.

(c) Each cemetery authority shall maintain a written log of the sale of cemetery interment rights. The log shall be on a form or in a format prescribed by the board and shall detail all information required by the board.

(d) The board may maintain a statewide database of preneed contracts reported to the board pursuant to subsection (a). The board may make information in this database searchable by the public by means of unique identifiers, or any other means that the board determines respects the privacy of those involved while also protecting consumers from financial waste by allowing families to determine if a deceased loved one has an existing preneed contract. Any preneed consumer who does not wish for his or her information to appear in this searchable database may opt out by following a process established by the board.