§36-7124. Administration of act – Appeals – Exemption for prepaid
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/ok/title-36-insurance/36-7124·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
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.