SB97

Senate Bill 97 amends the Arkansas Prepaid Funeral Benefits Law to clarify regulatory oversight and administrative procedures. It modifies requirements for the State Insurance Department regarding the Prepaid Funeral Contracts Recovery Program Fund and sets specific timelines for licensees to surrender business documentation if their permits expire, are suspended, or are revoked. The bill introduces administrative penalties of $1,000 to $5,000 for failing to comply with these documentation surrender requirements, including provisions for willful misconduct. It updates annual reporting requirements to include more detailed information for insurance-funded or annuity-funded prepaid contracts. Furthermore, the bill updates the fee remittance process for licensees and clarifies the procedures for consumers to cancel or transfer prepaid funeral contracts, whether they are revocable or irrevocable, and regardless of how they are funded (cash, trust, insurance, or annuity).