§36-6125.1. Maximum amount of principal an organization may receive
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/ok/title-36-insurance/36-6125-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
pursuant to insurance contract.
A. The maximum amount of principal which an organization may legally receive from any one individual pursuant to a contract establishing a fund for prepaid funeral benefits pursuant to paragraph 2 of subsection B of Section 6125 of this title shall be Twenty Thousand Dollars ($20,000.00).
B. The maximum allowable amount of principal for subsequent years shall be increased annually by a percentage equal to the previous year’s increase in the national Consumer Price Index (CPI). The Insurance Commissioner shall determine the amount of the increase, if any, on April 1 of each year. Added by Laws 1988, c. 118, § 7, eff. Nov. 1, 1988. Amended by Laws 2000, c. 113, § 1, eff. July 1, 2000 and by Laws 2000, c. 353, § 44, eff. Nov. 1, 2000; Laws 2010, c. 354, § 1, eff. Nov. 1, 2010. NOTE: Laws 2000, c. 113, § 1 and Laws 2000, c. 353, § 44 contain duplicate amendments.