HI SB2516

Creates standardized forms for audited financial statements and actuarial reports that cemetery authorities and pre-need funeral authorities must submit annually to the director within 90 days of fiscal year close.

Requires standardized reports to include total dollar amounts needed to fulfill contracts, amounts due to trusts from executed contracts, total trust amounts, and outstanding consumer payments.

Establishes daily late fees for authorities failing to timely file reports and directs the director to suspend pre-need sales and prohibit trust withdrawals if reports are not submitted within 60 days of the due date.

Requires the Department of Commerce and Consumer Affairs to submit annual reports to the legislature detailing licensee compliance, penalties assessed, aggregate trust fund amounts, and recommendations for improving industry oversight.

Directs independent actuaries to conduct annual studies determining whether perpetual care and pre-need trust fund amounts are sufficient to cover future claims and perpetual care costs.