Oklahoma § 36-7124 - Administration of act – Appeals – Exemption for prepaid

§ 36-7124. Administration of act – Appeals – Exemption for prepaid

plans.

A. The Cemetery Merchandise Trust Act, Sections 7121 through

7135 of this title, shall be administered by the Insurance

Commissioner. The Commissioner is authorized to promulgate

reasonable rules concerning the keeping and inspection of records,

the filing of contracts and reports, investments of and handling of

the trust funds, and all other matters concerning the orderly

administration and implementation of the Cemetery Merchandise Trust

Act. All prepaid cemetery merchandise contracts shall be in

writing, and no contract form created after July 1, 2010, shall be

used without first being submitted to, and approved by, the

Commissioner.

B. An organization aggrieved by an action or order of the

Commissioner may appeal the action or order to the Oklahoma

Insurance Department in accordance with Article II of the

Administrative Procedures Act.

C. The provisions of the Cemetery Merchandise Trust Act shall

not be applicable to any organization that has obtained a permit

pursuant to Section 6121 of this title if the organization is in

compliance with the provisions of Sections 6121 through 6136.18 of

this title with respect to items that are considered cemetery

merchandise pursuant to the Cemetery Merchandise Trust Act.

Oklahoma Statutes - Title 36. Insurance

D. Unless sold pursuant to a permit issued under Section 6121

of this title, no organization in Oklahoma may sell, in advance of

actual need, the services of opening or closing a burial space, as

defined in Section 7102 of this title, unless the organization

deposits in trust no less than sixty-five percent (65%) of the

principal amount of the services sold, or maintains a surety bond

for the full principal amount of the services sold. Any contracts

for services sold before July 1, 2010, remain enforceable by the

purchaser against the seller.

Added by Laws 1989, c. 297, § 20, eff. Nov. 1, 1989. Amended by

Laws 1993, c. 218, § 8, eff. Sept. 1, 1993; Laws 1995, c. 82, § 6,

eff. Nov. 1, 1995; Laws 2003, c. 57, § 27, emerg. eff. April 10,

2003; Laws 2009, c. 3, § 7, eff. July 1, 2009; Laws 2010, c. 58, §

14, eff. July 1, 2010. Renumbered from § 304 of Title 8 by Laws

2010, c. 58, § 41, eff. July 1, 2010. Amended by Laws 2013, c. 269,

§ 20, eff. Nov. 1, 2013.