Missouri funeral homes will get their first glimpse of their State Board’s proposal for self reporting for preneed sales. Under the prior law, preneed sellers merely reported the number of contracts sold and their aggregate sales price.
For Missouri regulators to properly assess whether ‘old’ Chapter 436 trusts and joint accounts are properly funded, the new reporting requirements will have to ask for data that funeral directors may find intrusive. But the state with the trusting requirements closest to Missouri’s has been self reporting for many years.
Iowa makes its reporting forms available through its website. Preneed sellers, preneed agents, insurance companies and banks each have their own reporting form.
By addressing the forms now, Missouri’s State Board will be affording funeral directors 3 months to prepare reports on all existing business. Depending how well the funeral home has kept its records, this should be adequate to meet the October 31st deadline.
Funeral homes that used either trusts or joint accounts under the prior Missouri law may want to look at Iowa’s form to anticipate what individual contract data could be required. The Iowa forms also provide instructions and Q&A sections.