Wyo. Stat. Ann. tit. 26, ch. 32 — Prepaid or Prearranged Funeral Contracts | Wyoming Statutes Annotated — Wyoming

Wyo. Stat. Ann. § 26-32-101 Supervision and audit of funds; approval of investment; promulgation of rules and regulations; licenses.

(a) The department shall supervise and audit the funds derived by any person either residing in or doing business within the state, from prepaid or prearranged funeral contracts providing for the sale of caskets, burial vaults, monuments or memorials or any burial supplies and equipment and funeral services, if the sale is made, either outright or on the installment basis, prior to the demise of the person purchasing them or for whom they are purchased, with the merchandise or service, or both, to be delivered at a future date at time of need. All funds received from these contracts or arrangements by any person either residing in or doing business within this state shall be received, invested and withdrawn according to requirements the department approves. Investment in a bank, trust company or federal savings and loan association in Wyoming is an approved investment. The deposit of funds received from the sale of these contracts or arrangements in irrevocable pre-need funeral trusts, the funds of which are invested in compliance with W.S. 4-10-901 and 4-10-902, is an approved investment. Earnings, including interest, income and dividends, from any investment of an irrevocable pre-need funeral trust may inure to the benefit of the seller of the prepaid or prearranged funeral contract, but shall be withdrawn from the irrevocable trust only upon the occurrence of an event that requires withdrawal of the corpus of the trust. Neither the person purchasing a prepaid or prearranged funeral contract nor any person for whom the contract is purchased shall be entitled to terminate or cancel the contract or make demand for the funds paid for the contract after the funds are deposited into an irrevocable pre-need funeral trust. (b) The commissioner shall promulgate rules and regulations for the purposes specified in subsection (a) of this section to include regulation of contract provisions and funds thereunder. The rules shall require notice to buyers of prepaid or prearranged funeral contracts of the types of investments into which funds derived from the sale of these contracts may be deposited and the risks associated with those investments. The rules shall require notice to buyers of the ability to cancel or terminate a contract or make demand for any amounts paid for the contract. Rules promulgated by the commissioner shall not require any additional surety bond amount for those monies deposited in an irrevocable pre-need funeral trust and invested in compliance with W.S 4-10-902 beyond the minimum surety bond required of all persons deriving funds from prepaid or prearranged funeral contracts. (c) A person shall not sell prepaid or prearranged funeral contracts in this state unless the person is licensed by the department in accordance with W.S. 26-9-203.

Wyo. Stat. Ann. § 26-32-102 Exemption from attachment or garnishment.

In the absence of fraud no interest of any participant in such fund, contract or investment is liable to attachment, garnishment, or other processes, or shall be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of the participant, or any other person who may have a right thereunder. Any funds received and invested as stipulated in this chapter shall be as a trust and are not liable to attachment, garnishment or other processes, nor shall they be seized, taken or appropriated or applied by any legal or equitable processes or operation of law to pay any debt or liability of the person issuing the prepaid or prearranged funeral contract, or both.

Wyo. Stat. Ann. § 26-32-103 Penalty.

Any person who violates any provision of this chapter is guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine of not more than five hundred dollars ($500.00) or by imprisonment for not more than six (6) months, or both.

Wyo. Stat. Ann. § 26-32-201 Life insurers contracts for funeral services; rules.

(a) A life insurer may contract or agree with any person, funeral director, mortuary or undertaker for the sole purpose of the funeral director, mortuary or undertaker conducting the funeral of any insured of the insurer. (b) The commissioner shall by rule regulate contracts authorized under this section.