Rule detail : 245603

WY LEG Prepaid Funeral Contracts

Published on: Mar 5, 2025

WY LEG approved bill HB 0181 re funeral contract proceeds, bonding, buyer notices.
Amends WY INS 26-32-1-26-32-101 (investment authorization, trust earnings, surety bonds).
Irrevocable Pre-Need Funeral Trusts
Deemed approved investments if funds are invested in compliance with requirements.
Specifies treatment of trust earnings, terminations of funeral contracts by purchasers.
No additional surety bond is required beyond existing minimums for trust funds.
Notice to Buyers
Must include types of investments into which funds from sale may be deposited, risks.
Buyer right to cancel, terminate contract, make demands for full or partial refund.
Legislative History
On Jan. 24, 2025, bill introduced in House; on Feb. 6, 2025, bill passed in the House.
On Feb. 11, 2025, bill introduced in Senate; on Feb. 24, 2025, bill passed in Senate.
On Feb. 27, 2025, bill (Act 27) was approved by governor and assigned Chapter 48.
Effectiveness
Chapter 48 becomes effective as of Jul. 1, 2025.

Regulators

WY LEG

Entity Types

CNSM; Ins

Reference

Ch. 48, HEA No. 0027, Bill HB0181, 2/27/2025; Citation: WY INS 26-32-1-26-32-101;

Functions

Compliance; Legal; Product Administration; Risk; Sales Practices

Countries

United States of America