The above summary is not an official publication of the Wyoming Legislature and is not an official
statement of legislative intent. While the Legislative Service Office endeavored to provide accurate
information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Bill No.:
LSO No.: 25LSO-0476
Enrolled Act No.:
Chapter No.:
Prime Sponsor:
Catch Title: Funeral contracts-investment and bonding requirements.
Has Report:
Subject:
bond requirements.
Summary/Major Elements:
•
services at the end of a person's life. These contracts are regulated by the Wyoming
Department of Insurance. Department rules provide limits on how the proceeds from these
contracts can be invested by a funeral home. Specifically, unless a higher surety bond is
provided, current law allows the proceeds to be invested only in a bank, trust company or
federal savings and loan association.
•
funeral trust, without the requirement to pay a higher surety bond amount.
•
who purchased the prepaid or prearranged funeral contract, nor can the contract be cancelled
by that person. Further, all earnings from an investment in a pre-need funeral trust can be
withdrawn only upon the happening of an event (typically the death of the purchaser) that
requires withdrawal of the corpus of the trust.
•
prepaid or prearranged funeral contracts of the types of investments into which contract
proceeds can be invested and the associated risks. The rules also must require notice of the
ability of the purchaser to terminate a contract and demand refunds.