Where must preneed funds be deposited according to Indiana regulations?

Preneed funds must be deposited in financial institutions that are located within Indiana, as specified by state regulations. This requirement is designed to ensure that the funds are protected by state oversight and adhere to local consumer regulations. Indiana’s regulations also emphasize the need for preneed contracts to be held in a secure and regulated environment, which means that using Indiana-based financial institutions helps maintain oversight and transparency in the handling of those funds.

This also facilitates regulatory compliance and the protection of consumer interests by ensuring that funds are managed in accordance with state laws. Options that suggest banks outside of Indiana or other financial entities do not provide the necessary safeguards outlined in the state regulations, which is why they do not meet the requirements set forth by the Indiana State Board.