2025
STATE OF WYOMING
25LSO-04761HB0181
HOUSE BILL NO. HB0181
Funeral contracts-investment and bonding requirements.
Sponsored by: Representative(s) Larsen, L, Brown, L, Knapp
and Washut and Senator(s) Schuler
A BILL
for
1 AN ACT relating to insurance; amending investment
2 authorization for prepaid or prearranged funeral contract
3 proceeds; amending related surety bond provisions;
4 specifying application of purchase monies and investment
5 earnings; requiring notice to contract purchasers; and
6 providing for effective dates.
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10. W.S. 26-32-101(a) and (b) is amended to
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2 (a) The department shall supervise and audit the
3 funds derived by any person either residing in or doing
4 business within the state, from prepaid or prearranged
5 funeral contracts providing for the sale of caskets, burial
6 vaults, monuments or memorials or any burial supplies and
7 equipment and funeral services, if the sale is made, either
8 outright or on the installment basis, prior to the demise
9 of the person purchasing them or for whom they are
10 purchased, with the merchandise or service, or both, to be
11 delivered at a future date at time of need. All funds
12 received from these contracts or arrangements by any person
13 either residing in or doing business within this state
14 shall be received, invested and withdrawn according to
15 requirements the department approves. Investment in a bank,
16 trust company or federal building and loan association in
17 Wyoming is an approved investment.
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11 (b) The commissioner shall promulgate rules and
12 regulations for the purposes specified in subsection (a) of
13 this section to include regulation of contract provisions
14 and funds thereunder.
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6 contracts entered into before July 1, 2025.
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8The department of insurance shall
9 promulgate all rules necessary to implement the provisions
10 of this act.
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14 (a) Except as provided by subsection (b) of this
15 section, this act is effective July 1, 2025.
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17 (b) Sections 3 and 4 of this act are effective
18 immediately upon completion of all acts necessary for a
19 bill to become law as provided by Article 4, Section 8 of
20 the Wyoming Constitution.
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22 (END)