(a) The State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services may:

(1) Grant certificates of authority to burial associations;

(2) Revoke certificates of authority, charters, or other authority granted to burial associations in this state;

(3) Fix the minimum assessments or minimum membership dues for which burial associations may issue certificates for benefits in specified amounts;

(4) Supervise the affairs of all burial associations organized or operating in this state;

(5) Conduct hearings as provided in this subchapter and collect, receive, hold, and expend annual license fees under this subchapter and § 23-78-101 et seq.;

(6) Adopt and enforce such rules as the board deems necessary and expedient for the proper operation of the burial association and the carrying out of the objects and purposes of this subchapter;

(7) Establish actuarial rates and reserve requirements necessary to ensure the financial integrity of all burial associations;

(8) Approve requests from burial associations that have excess financial resources, as determined by the board, to adopt a plan to pay death benefits in excess of the face value of a certificate of benefits issued by the burial association to members of the burial association; and

(9) Approve or disapprove an application for the dissolution, merger, or reorganization of a burial association organized and operating in this state.

(b) The board may determine issues between different burial associations and between burial associations and their respective members, and render binding decisions, subject to appeal.