HB0181

Amends Wyoming's regulation of prepaid and prearranged funeral contracts to authorize investment of funds in irrevocable pre-need funeral trusts and modify surety bond requirements.

• Expands approved investments for prepaid funeral contract funds to include irrevocable pre-need funeral trusts with funds invested in compliance with W.S. 4-10-901 and 4-10-902. (W.S. 26-32-101(a), lines 18-20)
• Permits earnings from irrevocable pre-need funeral trusts to benefit the seller of the prepaid funeral contract, but allows withdrawal only when corpus withdrawal is required. (W.S. 26-32-101(a), lines 21-23)
• Clarifies that purchasers of prepaid funeral contracts cannot terminate, cancel, or demand refund of funds after deposit into an irrevocable pre-need funeral trust. (W.S. 26-32-101(a), lines 4-9)
• Requires the insurance commissioner to promulgate rules mandating notice to contract buyers of types of permitted investments and associated risks. (W.S. 26-32-101(b), lines 14-17)
• Requires rules to notify buyers of their ability to cancel or terminate contracts and demand refunds, except after funds are deposited in irrevocable trusts. (W.S. 26-32-101(b), lines 18-20)
• Prohibits rules from requiring additional surety bond amounts for monies deposited in irrevocable pre-need funeral trusts beyond the minimum surety bond required of all funeral service providers. (W.S. 26-32-101(b), lines 21-3 of next page)
• Preserves the validity and terms of funeral contracts entered into before July 1, 2025. (Section 2)
• Directs the Department of Insurance to promulgate rules necessary to implement the act. (Section 3)

Effective: July 1, 2025

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