What should I do with payments I receive for a prepaid funeral service contract that are not intended as premium payments for the purchase of a life insurance policy?

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Within 15 days of receiving payment from a consumer for a prepaid funeral contract, you must deposit the money in an escrow account and appoint an authorized escrow agent.

Within 10 days of receiving the funds, the escrow agent must notify the consumer, in writing, that they received the funds.

For more details about the requirements of setting up an escrow account and appointing an appropriate escrow agent, you should familiarize yourself with Connecticut General Statutes Sections 42-202 and 42-203.

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