(1)__Assigning the mortuary trustee as owner and beneficiary of a life insurance policy payable to the mortuary trustee upon that person's death; or

(2)__Designating the mortuary trustee as a beneficiary of a life insurance policy payable to the mortuary trustee upon that person's death.

B. An agreement under paragraph A must be in writing and a copy must be furnished to the person or the person's legal representative by the mortuary trustee when the agreement is executed.__The agreement may be revocable or irrevocable; however, if the agreement is irrevocable, there must be a provision to allow for the transfer of the trust account by the appointment of successor trustees.__The agreement must clearly state terms providing for disposition of excess funds after funeral goods and services have been provided.__ The agreement must clearly state any fees that may be charged against the trust account. Fees must be reasonable, as defined by the board, and may be charged only:

(1)__Upon transfer of a trust account by the appointment of a successor trustee;

(2)__Upon revocation of the agreement if the agreement is revocable; and

(3)__For the actual financial and tax administration of the trust account.

C. The mortuary trustee shall maintain a complete record of a trust account established under this subsection.__The record must be available for inspection by the person, the person's legal representative, the commissioner's designee or an inspector for the board.

This subsection may not be construed to alter the terms of a life insurance policy or supersede any law governing the regulation of life insurance policies.