The proposed new rule establishes the criteria for the preneed trust fund financial reports required by paragraph 497.458(1)(k), F.S.

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Funeral, Cemetery, and Consumer Services

RULE NO.:RULE TITLE:

69K-7.0095Preneed Trust fund; financial reports

PURPOSE AND EFFECT: The proposed new rule establishes the criteria for the preneed trust fund financial reports required by paragraph 497.458(1)(k), F.S.

SUMMARY: This is a new rule setting forth the criteria for preneed trust fund financial reports.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its Division meeting, the Division, based upon the expertise and experience of its members, and the substance of the rule amendment, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary because the rule does not impose additional rights, obligations, or duties on any persons or any businesses, and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 497.103, 497.458(1)(k) FS.

LAW IMPLEMENTED: 497.458 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Ellen Simon, Assistant Director, Division of Funeral, Cemetery, and Consumer Services, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0361, [phone], Ellen [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69K-7.0095 Preneed Trust fund; financial reports

All preneed licensees shall ensure that any entity that served for all or part of a calendar year as trustee for the preneed licensee’s preneed trust pursuant to section 497.458(1) and (2), F.S., shall, by no later than April 1 of the following year, file a Preneed Trust Fund, Annual Trustee Report, form DFS-N1-2179, for all or portion of the said calendar year in which it acted as trustee of the trust. This form is incorporated by reference, in 69K-1.001, F.A.C. and can be obtained from the Department’s website at https://myfloridacfo.com/Division/funeralcemetery/. The trustee may submit the annual financial reporting in another format that will be acceptable to the Division if that format provides no less information than that required by form DFS-N1-2179.  Additionally, in lieu of providing disbursement information as set forth in 497.458, F.S., as part of the annual report, the preneed licensee and any entity which served as trustee for the preneed licensee’s trust in a calendar year, must retain for a period of five years a trustee report which contains a list of receipts showing the date and amount of any disbursement.

Rulemaking Authority 497.103, 497.458(1)(k) FS. Law Implemented 497.458 FS. History–New        .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Ellen Simon, Assistant Director, Division of Funeral, Cemetery, and Consumer Services, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0361, [phone], Ellen [e-mail].

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Board of Funeral, Cemetery, and Consumer Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: May 3, 2018

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 23, 2018