191—100.33 (523A) Records maintenance and retention.
	   100.33(1) By preneed sellers.
	      a.    	  Time for retaining records. If no other legal provision governs record retention, a preneed seller shall keep all records required to be kept by this rule either from the date of the preneed seller’s last examination by the commissioner or for a minimum of five years after the date of the death of the beneficiary, whichever is sooner.
	      b.    	  Confidentiality. The preneed seller shall keep social security numbers confidential.
	      c.    	  Sales log and numbering of purchase agreements. A preneed seller shall maintain a sales log of purchase agreements, assigning numbers in sequential order to each purchase agreement sold during a calendar year.
	       (1)  	 Prenumbered contracts are not required. If a contract is not prenumbered, the sales agent shall write the contract number on the purchase agreement at the time it is executed or in a document provided later to the purchaser.
	       (2)  	 The copy of the purchase agreement given to the purchaser shall include the contract number assigned to the purchase agreement.
	       (3)  	 If a correction to the contract number is required, the correction shall be recorded in the sales logs, and documentation that retains evidence of the initial number used shall be maintained.
	       (4)  	 Preneed sellers shall use the following numbering system, unless they receive written permission from the commissioner to use a different system.
	      1. 	  The first portion of the number shall be the year the contract was written.
	      2. 	  The second portion of the number shall be sequential and indicate the number of contracts executed by the preneed seller, to date, in the applicable calendar year.
	      3. 	  Additional suffixes may be used as follows:
	      ● 	  A preneed seller with multiple locations may use a suffix to identify each location by number.
	      ● 	  A preneed seller with multiple sales agents may use a numerical suffix to identify the sales agent.
	      4. 	  Each part of the number shall be separated by a hyphen.
An example of the numbering system is provided on the commissioner’s Web site.
	      d.    	  Transaction records. A preneed seller shall document all transactions with purchasers and prospective purchasers and maintain accurate copies and records of all purchase agreements.
	      e.    	  Deposit records. Preneed sellers shall maintain records of all deposits made into accounts related to purchase agreements. If purchase agreement payments made to a preneed seller and funds not related to a purchase agreement are commingled and deposited together in a single account, or if a deposit to an account involves purchase agreement payments related to more than one purchase agreement, the preneed seller shall retain a detailed summary of each deposit showing the amounts related to the different purchase agreements.
	   100.33(2) By sales agents. A sales agent shall maintain a sales log for a minimum of five years after the sale. The sales log shall include all of the information required for the sales agent’s annual report. Instructions and an example are available on the commissioner’s Web site.
[ARC 2258C, IAB 11/25/15, effective 12/30/15]