AR HB1549

Amends Arkansas Code § 23-78-108(a) to add a new power of the Burial Association Board to approve requests from burial associations with excess financial resources to pay death benefits exceeding the face value of benefit certificates.

Creates new section 23-78-126 requiring burial associations to submit a board-approved plan before paying death benefits in excess of certificate face values to members.

Plans must be based on the class of business of the burial association and require death benefits to be paid on a fair, proportionate, and equitable basis to all members.

Plans cannot compromise the financial integrity of the burial association.

Board must separately consider assets from certificates written before July 20, 1987 and after July 20, 1987 when determining if a burial association has excess financial resources.