AR SB97

Transfers administration of the Prepaid Funeral Contracts Recovery Program Fund solely to the Insurance Commissioner, removing the requirement for joint administration with the Prepaid Funeral Contracts Recovery Program Board.

Establishes permit renewal procedures requiring licensees to renew permits by June 1 annually and surrender all prepaid contracts and documentation within 30 days if permits lapse, are suspended, or are revoked, with penalties of $1,000 to $5,000 per violation.

Modifies annual reporting requirements to allow organizations to report contract numbers or account numbers and clarifies information needed for insurance policy or annuity-funded contracts.

Changes per-contract fee reporting from quarterly to annual submission with fees due within 45 days after each quarter.

Expands prepaid contract cancellation and transfer rights to specify refund and substitution provider options for revocable and irrevocable contracts funded by cash, insurance policies, or annuities, with different provisions before and after the contract beneficiary's death.