Bulletin No. 2024-01: 2024 Maximum Amount of Principle Allowed for Non-Specified Contracts
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Oklahoma Insurance Department Bulletins › Bulletin No. 2024-01: 2024 Maximum Amount of Principle Allowed for Non-Specified Contracts
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BULLETIN NO. 2024-01
TO:
OKLAHOMA PREPAID FUNERAL BENEFIT PERMIT HOLDERS
RE:
2024 MAXIMUM AMOUNT OF PRINCIPAL ALLOWED FOR NON-
SPECIFIED CONTRACTS
FROM:
GLEN MULREADY, INSURANCE COMMISSIONER
DATE:
FEBRUARY 16, 2024
The Regulated Industry Services Division of the Oklahoma Insurance Department registers and
regulates Prepaid Funeral Benefits (PFB) permit holders, pursuant to the Prepaid Funeral Services
and Funeral Service Merchandise Act (the “Act”), OKLA. STAT. tit. 36 §§ 6121, et seq.
The maximum amount of principal which an organization may legally receive from any one
individual non-specified contract establishing a fund for PFB, pursuant to the Act, OKLA. STAT.
tit. 36 § 6125 (B)(2), is Twenty Thousand Dollars ($20,000.00). See, 36 O.S. § 6125.1 (A).
The Insurance Commissioner is authorized to increase this amount annually by the previous year’s
increase in the national Consumer Price Index (“CPI”) on April 1st of each year. See, 36 O.S.
§ 6125.1 (B).
Effective April 1, 2024, the Insurance Commissioner has determined the maximum amount of
principal for any one individual non-specified PFB contract established under § 6125 (B)(2), based
on the CPI for the year beginning April 1, 2024, and ending April 1, 2025, is Twenty-eight
Thousand Six Hundred and Seventy Dollars ($28,670.00). 36 O.S. § 6125.1 (B).
Questions or concerns regarding this increase, as well as all other PFB related matters, may be
emailed to RIS@oid.ok.gov.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.