PDFWAC 308-49-170

Annual statement requirements.

(1) Each funeral establishment registered to sell funeral prearrangement contracts must file a statement of its transactions and affairs for the preceding fiscal year. The statement is due to the board ninety days after the end of its fiscal year.
(2) The funeral establishment shall list any changes in its officers, directors, managers or partners or any change in ownership greater than ten percent which have occurred in the preceding fiscal year.
(3) With respect to each prearrangement funeral service contract trust fund, the following information must be provided:
(a) The name of all trust depositories and the account numbers;
(b) Third-party verification of all prearrangement trust assets;
(c) The total amount deposited in the trust account during the fiscal year;
(d) The number of new contracts and the contract amount sold during the fiscal year;
(e) The total amount received for contracts during the fiscal year;
(f) The number of contracts withdrawn from trust and amounts withdrawn from the trust due to contract cancellations and/or instances where the funeral merchandise and services covered by prearrangement contracts have been furnished and delivered. Withdrawals will include principal and earnings;
(g) The number of outstanding contracts as of the end of the fiscal year and the amount being held in trust for such contracts.
(4) The annual report form must include a copy of the depository(ies) statement(s) to verify the amount of money held in funeral prearrangement trust as well as the monthly deposit and withdrawal activity during the fiscal year.
(5) If the funeral establishment sells funeral prearrangement contracts funded with insurance that guarantees the final price of merchandise and services, the funeral establishment will:
(a) Report the number of insurance funded contracts sold during the fiscal year;
(b) Report the total number of insurance funded contracts;
(c) Report the total current face amount of all outstanding insurance funded contracts at the end of the fiscal year; and
(d) Provide a statement from the insurance provider(s) to verify the total face amount of all active insurance policies at the end of the fiscal year.
[Statutory Authority: RCW 68.05.105 and 18.39.175. WSR 20-09-031, § 308-49-170, filed 4/6/20, effective 5/7/20. Statutory Authority: RCW 18.39.175 and chapter 34.05 RCW. WSR 07-03-027, § 308-49-170, filed 1/5/07, effective 2/5/07. Statutory Authority: RCW 18.39.175(4). WSR 02-19-019, § 308-49-170, filed 9/9/02, effective 10/10/02. Statutory Authority: RCW 18.35.175(4). WSR 88-13-010 (Order PM 737), § 308-49-170, filed 6/6/88. Statutory Authority: RCW 18.39.290 and 18.39.320. WSR 87-18-053 (Order PM 677), § 308-49-170, filed 9/1/87. Statutory Authority: 1982 c 66 § 12. WSR 83-04-021 (Order PL 420), § 308-49-170, filed 1/26/83.]