(a) On or before July 1, each year, the certificate holder shall file a report of its preneed contract activity on a form or in a format prescribed 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. If a certificate holder shall twice default in complying with the requirements of this subsection, the board may require that the certificate holder thereafter submit the report within 45 days after the end of each calendar quarter and shall continue so reporting for a time to be determined by the board.
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Terms Used In Alabama Code 34-13-192

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • following: means next after. See Alabama Code 1-1-1
  • Trustee: A person or institution holding and administering property in trust.
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(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.
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