Wyoming 2025 Regular Session

Wyoming House Bill HB0181 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	ORIGINAL HOUSE
2		-	BILL NO. HB0181
3		-	ENROLLED ACT NO. 27, HOUSE OF REPRESENTATIVES
4		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
5		-	2025 GENERAL SESSION
	1	+	2025
	2	+	STATE OF WYOMING
	3	+	25LSO-0476
	4	+	ENGROSSED
	5	+	1HB0181
	6	+	HOUSE BILL NO. HB0181
	7	+	Funeral contracts-investment and bonding requirements.
	8	+	Sponsored by: Representative(s) Larsen, L, Brown, L, Knapp
	9	+	and Washut and Senator(s) Schuler
	10	+	A BILL
	11	+	for
	12	+	1 AN ACT relating to insurance; amending investment
	13	+	2 authorization for prepaid or prearranged funeral contract
	14	+	3 proceeds; amending related surety bond provisions;
	15	+	4 specifying application of purchase monies and investment
	16	+	5 earnings; requiring notice to contract purchasers; and
	17	+	6 providing for effective dates.
	18	+	7
	19	+	8
	20	+	9
	21	+	10. W.S. 26-32-101(a) and (b) is amended to
	22	+	11 read:
	23	+	12
	24	+	13
	25	+	14
	26	+	15 2025STATE OF WYOMING25LSO-0476
	27	+	ENGROSSED
	28	+	2HB01811
	29	+	2 (a) The department shall supervise and audit the
	30	+	3 funds derived by any person either residing in or doing
	31	+	4 business within the state, from prepaid or prearranged
	32	+	5 funeral contracts providing for the sale of caskets, burial
	33	+	6 vaults, monuments or memorials or any burial supplies and
	34	+	7 equipment and funeral services, if the sale is made, either
	35	+	8 outright or on the installment basis, prior to the demise
	36	+	9 of the person purchasing them or for whom they are
	37	+	10 purchased, with the merchandise or service, or both, to be
	38	+	11 delivered at a future date at time of need. All funds
	39	+	12 received from these contracts or arrangements by any person
	40	+	13 either residing in or doing business within this state
	41	+	14 shall be received, invested and withdrawn according to
	42	+	15 requirements the department approves. Investment in a bank,
	43	+	16 trust company or federal and loan
	44	+	17 association in Wyoming is an approved investment.
	45	+	18
	46	+	19
	47	+	20
	48	+	21
	49	+	22
	50	+	23 2025STATE OF WYOMING25LSO-0476
	51	+	ENGROSSED
	52	+	3HB0181
6	53		1
7		-	AN ACT relating to insurance; amending investment
8		-	authorization for prepaid or prearranged funeral contract
9		-	proceeds; amending related surety bond provisions;
10		-	specifying application of purchase monies and investment
11		-	earnings; requiring notice to contract purchasers; and
12		-	providing for effective dates.
13		-	Be It Enacted by the Legislature of the State of Wyoming:
14		-	Section 1. W.S. 26-32-101(a) and (b) is amended to
15		-	read:
16		-	26-32-101. Supervision and audit of funds; approval
17		-	of investment; promulgation of rules and regulations;
18		-	licenses.
19		-	(a) The department shall supervise and audit the
20		-	funds derived by any person either residing in or doing
21		-	business within the state, from prepaid or prearranged
22		-	funeral contracts providing for the sale of caskets, burial
23		-	vaults, monuments or memorials or any burial supplies and
24		-	equipment and funeral services, if the sale is made, either
25		-	outright or on the installment basis, prior to the demise
26		-	of the person purchasing them or for whom they are
27		-	purchased, with the merchandise or service, or both, to be
28		-	delivered at a future date at time of need. All funds
29		-	received from these contracts or arrangements by any person
30		-	either residing in or doing business within this state
31		-	shall be received, invested and withdrawn according to
32		-	requirements the department approves. Investment in a bank,
33		-	trust company or federal and loan
34		-	association in Wyoming is an approved investment.
35		-	deposit of funds received from the sale of these contracts
36		-	or arrangements in irrevocable pre-need funeral trusts, the
37		-	funds of which are invested in compliance with W.S. ORIGINAL HOUSE
38		-	BILL NO. HB0181
39		-	ENROLLED ACT NO. 27, HOUSE OF REPRESENTATIVES
40		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
41		-	2025 GENERAL SESSION
42	54		2
43		-	4-10-901 and 4-10-902, is an approved investment. Earnings,
44		-	including interest, income and dividends, from any
45		-	investment of an irrevocable pre-need funeral trust may
46		-	inure to the benefit of the seller of the prepaid or
47		-	prearranged funeral contract, but shall be withdrawn from
48		-	the irrevocable trust only upon the occurrence of an event
49		-	that requires withdrawal of the corpus of the trust.
50		-	Neither the person purchasing a prepaid or prearranged
51		-	funeral contract nor any person for whom the contract is
52		-	purchased shall be entitled to terminate or cancel the
53		-	contract or make demand for the funds paid for the contract
54		-	after the funds are deposited into an irrevocable pre-need
55		-	funeral trust.
56		-	(b) The commissioner shall promulgate rules and
57		-	regulations for the purposes specified in subsection (a) of
58		-	this section to include regulation of contract provisions
59		-	and funds thereunder.
60		-	buyers of prepaid or prearranged funeral contracts of the
61		-	types of investments into which funds derived from the sale
62		-	of these contracts may be deposited and the risks
63		-	associated with those investments. The rules shall require
64		-	notice to buyers of the ability to cancel or terminate a
65		-	contract or make demand for any amounts paid for the
66		-	contract. Rules promulgated by the commissioner shall not
67		-	require any additional surety bond amount for those monies
68		-	deposited in an irrevocable pre-need funeral trust and
69		-	invested in compliance with W.S 4-10-902 beyond the minimum
70		-	surety bond required of all persons deriving funds from
71		-	prepaid or prearranged funeral contracts.
72		-	Section 2. This act shall not alter, amend or impair
73		-	contracts entered into before July 1, 2025. ORIGINAL HOUSE
74		-	BILL NO. HB0181
75		-	ENROLLED ACT NO. 27, HOUSE OF REPRESENTATIVES
76		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
77		-	2025 GENERAL SESSION
78		-	3Section 3. The department of insurance shall
79		-	promulgate all rules necessary to implement the provisions
80		-	of this act. ORIGINAL HOUSE
81		-	BILL NO. HB0181
82		-	ENROLLED ACT NO. 27, HOUSE OF REPRESENTATIVES
83		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
84		-	2025 GENERAL SESSION
85		-	4Section 4.
86		-	(a) Except as provided by subsection (b) of this
87		-	section, this act is effective July 1, 2025.
88		-	(b) Sections 3 and 4 of this act are effective
89		-	immediately upon completion of all acts necessary for a
90		-	bill to become law as provided by Article 4, Section 8 of
91		-	the Wyoming Constitution.
92		-	(END)
93		-	Speaker of the HousePresident of the SenateGovernorTIME APPROVED: _________DATE APPROVED: _________
94		-	I hereby certify that this act originated in the House.
95		-	Chief Clerk
	55	+	3
	56	+	4
	57	+	5
	58	+	6
	59	+	7
	60	+	8
	61	+	9
	62	+	10
	63	+	11
	64	+	12 (b) The commissioner shall promulgate rules and
	65	+	13 regulations for the purposes specified in subsection (a) of
	66	+	14 this section to include regulation of contract provisions
	67	+	15 and funds thereunder.
	68	+	16
	69	+	17
	70	+	18
	71	+	19
	72	+	20
	73	+	21
	74	+	22
	75	+	23 2025STATE OF WYOMING25LSO-0476
	76	+	ENGROSSED
	77	+	4HB0181
	78	+	1
	79	+	2
	80	+	3
	81	+	4
	82	+	5
	83	+	6
	84	+	7 contracts entered into before July 1, 2025.
	85	+	8
	86	+	9The department of insurance shall
	87	+	10 promulgate all rules necessary to implement the provisions
	88	+	11 of this act.
	89	+	12
	90	+	13.
	91	+	14
	92	+	15 (a) Except as provided by subsection (b) of this
	93	+	16 section, this act is effective July 1, 2025.
	94	+	17
	95	+	18 (b) Sections 3 and 4 of this act are effective
	96	+	19 immediately upon completion of all acts necessary for a
	97	+	20 bill to become law as provided by Article 4, Section 8 of
	98	+	21 the Wyoming Constitution.
	99	+	22
	100	+	23 (END)