AR SB525

Changes Arkansas Code § 23-78-126 to require burial associations with excess financial resources to submit plans to the Burial Association Board for approval to pay death benefits exceeding certificate face values.

Plans for excess benefit payments must be based on the class of business of the burial association and ensure death benefits are paid on a fair, proportionate, and equitable basis to members.

Plans for excess benefit payments cannot impugn the financial integrity of the burial association.

Prohibits the Burial Association Board from commingling assets attributable to certificates written after July 20, 1987, with assets from certificates written before July 20, 1987, when determining whether a burial association has excess financial resources.