18VAC47-20-200: Perpetual care trust fund and bonding requirement

A. Each licensed cemetery company must establish a perpetual care trust fund in accordance with § 54.1-2316 of the Code of Virginia.

B. If the trustee for the perpetual care trust fund is not a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, the trustee must be approved by the board and must deposit a fidelity bond in accordance with § 54.1-2317 of the Code of Virginia.

C. Deposits into the fund must be made in accordance with §§ 54.1-2319 through 54.1-2321 of the Code of Virginia.

D. The income from the perpetual care trust fund must be used in accordance with § 54.1-2322 of the Code of Virginia.

E. Each licensed cemetery company must submit written financial reports regarding perpetual care trust funds to the board as prescribed by §§ 54.1-2323 and 54.1-2324 of the Code of Virginia.

F. Transfer of funds to another trustee must be done in accordance with § 54.1-2337 of the Code of Virginia.