NOTICE OF SUBSTANTIVE CHANGE
TYPE OF FILING: Amendment
1. Agency Information
Treasurer, Unclaimed Property
Salt Lake City, UT 84114-0530
2. Contact Persons
Please address questions regarding information on this notice to the people listed above.
3. General Information
A. Rule or section catchline:
R966-1-54. Preneed Funeral Insurance
B. Purpose of the new rule or reason for the change:
The purpose of this rule is to establish unclaimed property requirements for preneed funeral insurance policies.
C. Summary of the new rule or change:
This rule establishes requirements governing preneed funeral and burial contracts for residents of the State of Utah.
5. Fiscal Information
Provide an estimate and written explanation of the aggregate anticipated cost or savings to:
Existing processes are already in place.
Section R966-1-54 adds clarity to how preneed funeral insurance policies are utilized to administer the unclaimed property program.
Some savings may be realized by using electronic communications more frequently.
Existing processes are already in place, and this amendment mainly adds clarity.
C. Small businesses ("small business" means a business employing 1-49 people):
Existing processes are already in place, and this amendment mainly adds clarity.
D. Non-small businesses ("non-small business" means a business employing 50 or more persons):
Existing processes are already in place, and this amendment mainly adds clarity.
E. Persons other than small businesses, non-small businesses, state, or local government entities ("person" means any individual, partnership, corporation, association, governmental entity, or public or private organization of any character other than an agency):
Existing processes are already in place, and this amendment mainly adds clarity.
F. Compliance costs for affected persons:
Existing processes are already in place, and this amendment mainly adds clarity.
6. Regulatory Impact Summary Table
Enter the cost or savings in the relevant cell. If there is no cost or savings, enter, "$0." If a cost or savings is inestimable, enter, "inestimable."
7. Regulatory Impact Analysis Approval
The State Treasurer, Marlo Oaks, has reviewed and approved this regulatory impact analysis.
8. Family Impact Information
A. The agency has considered this rule's impact on family health, stability, and formation:
9. Citation Information
Provide citations to the statutory authority for the rule. If there is also a federal requirement for the rule, provide a citation to that requirement:
11. Public Notice Information
The public may submit written or oral comments to the agency identified in box 1.
A. Comments will be accepted until:
12. Effective Date Information
This rule change MAY become effective on:
(NOTE: This is the date the agency anticipates making the filing effective. It is NOT the effective date)
13. Agency Authorization Information
Agency head or
designee and title:
Dennis Johnston, Administrator
R966. Treasurer, Unclaimed Property.
R966-1. Unclaimed Property Act Rules.
R966-1-54. Preneed Funeral Insurance. (1) Amounts held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary, are reportable as unclaimed property. (2) An unutilized preneed funeral arrangement is deemed revoked for purposes of Subsection 58-9-705(2)(b) and its proceeds reportable as unclaimed three years from the earliest occurrence of the following: (a) The date of death of the beneficiary; (b) The beneficiary having reached the age or 107 years; or (c) The fiftieth anniversary of the preneed funeral arrangement contract. (3) Knowledge of the date of death of a beneficiary may be identified through any source, including a declaration of death, death certificate, a comparison of the holder's records against the Social Security death master file, or other equivalent resources. (4) The amount of unutilized preneed funeral arrangement proceeds reportable as unclaimed property shall equal the amount payable to a buyer or beneficiary upon revocation, as set forth under the terms of the funeral arrangement contract. If the preneed funeral arrangement does not specify such amount, the unutilized funeral arrangement proceeds reportable as unclaimed property shall be the entirety of the amount held in trust, including both principal and interest. (5) Preneed funeral and cemetery arrangements subject to administration by other jurisdictions are subject to the same abandonment criteria as outlined above, except that the amount of unutilized arrangement proceeds reportable as unclaimed property shall be defined by the laws of such other jurisdictions. (6) In performing owner notification as required by Section 67-4a-501, a holder shall mail the notice to both the preneed contract buyer and beneficiary, if the two are different people. KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: 2026[January 22, 2020]Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a
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