Administrative Code

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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
Agency 47. Cemetery Board
Chapter 20. Cemetery Board Rules and Regulations

18VAC47-20-210. Preneed trust fund and bonding requirements.

A. Each licensed cemetery company shall establish a preneed trust fund and make deposits in accordance with § 54.1-2315 of the Code of Virginia.

B. If the trustee for the preneed trust fund is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, the trustee shall be approved by the board and shall deposit a fidelity bond with the board in accordance with § 54.1-2326 of the Code of Virginia.

C. Deposits into the fund shall be made in accordance with § 54.1-2325 of the Code of Virginia.

D. All funds shall be handled in accordance with §§ 54.1-2329 through 54.1-2331 of the Code of Virginia.

E. Each licensed cemetery company shall submit a written financial report regarding preneed trust accounts to the board as prescribed by § 54.1-2333 of the Code of Virginia.

F. Transfer of funds to another trustee shall be done in accordance with § 54.1-2337 of the Code of Virginia.

Statutory Authority

§§ 54.1-201 and 54.1-2313 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 16, Issue 13, eff. April 12, 2000; Errata, 16:14 VA.R. 1911 March 27, 2000; amended, Virginia Register Volume 23, Issue 21, eff. August 1, 2007.

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