SB 481 Summary

• Amends prepaid funeral benefit permit transfer requirements, requiring selling organization to notify Insurance Commissioner 45 days prior and acquiring organization to apply 30 days prior, with Commissioner approval contingent on establishment license.

• Authorizes cemeteries to choose distribution method from perpetual care funds as either all net ordinary income or up to 5% of average fair market value, with Commissioner authority to limit distributions based on investment performance.

• Requires 10% deposit to perpetual care funds from burial space sales, with cemetery owner annual fee of $200 to Insurance Commissioner and annual reporting by March 15 of each year.

• Modifies prepaid funeral benefit fund investment requirements to comply with Oklahoma Trust Act rather than specified Article 16 investments, and specifies capital gains taxes paid from trust principal.

• Effective November 1, 2016.