The bill amends existing laws regarding the supervision and investment of funds from prepaid or prearranged funeral contracts in Wyoming. It specifies that funds received from these contracts must be managed according to department-approved requirements, allowing for investments in irrevocable pre-need funeral trusts and detailing that earnings from these investments can benefit the seller of the contracts. Importantly, once funds are deposited into an irrevocable trust, purchasers cannot terminate the contract or demand a refund. Additionally, the bill mandates that the commissioner of insurance must create rules to inform buyers about the types of investments and associated risks, as well as their rights regarding contract cancellation.

Furthermore, the bill clarifies that no additional surety bond is required for funds deposited in compliant irrevocable pre-need funeral trusts beyond the minimum surety bond already mandated for all entities handling such funds. The act will not affect contracts made before July 1, 2025, and the department of insurance is tasked with implementing the necessary rules. The bill is set to take effect on July 1, 2025, with certain sections becoming effective immediately upon the completion of legislative processes.

Statutes affected:
Introduced: 26-32-101
Engrossed: 26-32-101