AI-assisted research summary: This regulation exempts certain life-insurance-related people, licensees, and trustees from specified Funeral Services Act provisions, and lets some licensees withdraw trust income only if stated conditions are met.
(Consolidated up to 105/2024) ALBERTA REGULATION 233/98 Funeral Services Act EXEMPTION REGULATION Exemption from certain provisions 1 Sections 5 to 11 of the Funeral Services Act do not apply to any person who is a party to or beneficiary of a contract of life insurance under the Insurance Act where the proceeds of that insurance (a) will pay in whole or in part for specified funeral services, or (b) will be paid by assignment to a funeral services business as beneficiary. AR 233/98 s1;251/2001 Exemption from section 37(1) 1.1 (1) Subject to subsections (2) and (3), a licensee is exempt from the operation of section 37(1) of the Funeral Services Act in regard to any pre-need funeral services contract that the licensee entered into between May 1, 1962 and November 30, 1998 if (a) that contract specifically permits the licensee to retain income earned by the investment of the funds received under the contract, and (b) the amount of principal and income held in the trust fund to the credit of that contract after each withdrawal of income under subsection (2) equals or exceeds the highest price that the licensee charged to provide funeral services equivalent to those under the contract during the 2‑year period preceding the withdrawal of income under subsection (2). (2) A licensee may withdraw income from trust relating to a pre‑need funeral services contract in regard to which the licensee is exempt under subsection (1) on providing to the authorized trustee (a) a written report in the form set by the Director that (i) is completed by a professional accounting firm within the meaning of the Chartered Professional Accountants Act , and (ii) verifies that all conditions in subsection (1) are met, and (b) a written statement from the Director that the report referred to in clause (a) has been filed with the Director. (3) A licensee may withdraw income in accordance with this section once each year within 30 days of receiving the Director’s written statement under subsection (2)(b). (4) An authorized trustee of a trust fund affected by an exemption under this section is exempt from the operation of section 9 of the Funeral Services Act to the extent necessary to give effect to subsections (2) and (3). AR 107/99 s2;251/2001;325/2003;67/2009;146/2015 Expiry 2 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on November 30, 2029. AR 233/98 s2;63/2003;67/2009;240/2018;105/2024 Coming into force 3 This Regulation comes into force on December 1, 1998.