A festering dispute between Missouri’s State Funeral Board and funeral directors association came to a head in a public conference call today. The State Board scheduled the meeting in response to its parent agency (the Division of Professional Registration) blocking the Board’s hiring of an investigator. The Board held the meeting to discuss what actions
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Active Supervision of An Industry Board: Let’s Start with What it Ain’t.
By Bill Stalter on
Last week we posted the Federal Trade Commission’s Active Supervision Guidelines for industry boards. The Guidelines set some substantial standards for the independent state agency or attorney general that provides supervision over an industry board. When that agency or attorney fails to satisfy the supervision requirements, the industry members are exposed to personal liability when…
State Funeral Boards and Oversight Standards: Meaningful Supervision
By Bill Stalter on
In this past week’s Memorial Business Journal, the NFDA’s general counsel offered insight on the FTC’s guidelines to state supervision of industry regulatory boards. In a decision that rocked state boards comprised of industry members, the United States Supreme Court affirmed a decision that had held members of the North Carolina Dental Board subject…
MyRA: Is preneed headed in a similar direction?
By Bill Stalter on
President Obama used his State of the Union address to unveil a new type of retirement account dubbed “MyRA”. Recognizing that Americans are woefully unprepared for their retirement years, the President believes the MyRA offers individuals a safe option to induce them to begin saving for those golden years. A CNBC report provides an explanation…
Missouri and the Investment Advisor: A Chinese Wall
By Bill Stalter on
Among the rule proposals suggested by the Division of Professional Registration to the State Board of Embalmers and Funeral Directors was the following definition of “External Investment Advisor”:
any licensed, qualified investment advisor approved and authorized by the trustee of the preneed trust and who holds no personal interest in any assets of the preneed …
Accepting Final Expense Policies: More Than an Accommodation
By Bill Stalter on
Posted in Funeral, Preplanning
Many funeral homes have an informal practice of accepting small insurance policies from individuals who want to know their funeral expense will be taken care of at the time of death. Often, the individual may not be comfortable discussing their funeral preferences with family, and trust the funeral director to apply the insurance proceeds appropriately.
Legislative Impasse: Frustration in the Badger State
By Bill Stalter on
A few weeks ago, we posted on the Wisconsin Master Trust and the smaller operator’s need for legislation. The Milwaukee Journal Sentinel reported this past week that the Association filed a motion with the court seeking to suspend the investment returns promised to consumers. The Association is quoted as having told the court that the…
The Wisconsin Master Trust: Between a Rock and a Hard Place
By Bill Stalter on
In a motion to convert the Wisconsin Master Trust from a preneed trust to a liquidating trust, the Receiver outlined to the court why the trust cannot keep its promises to consumers and comply with Wisconsin’s preneed law. Section 445.125 restricts preneed funeral trusts to depository accounts, and CD returns won’t even pay the…
Meet Me in St.Louis: the Death Care Regulators Convention
By Bill Stalter on
Missouri’s death care regulators will play host to their peers next week when the North American Death Care Regulators Association convention is held in St. Louis. When you host a convention in NPS’ backyard, the agenda needs to include sessions on what went wrong. The final session of the agenda will catch every …
Wisconsin: Breaking the Settlement Logjam
By Bill Stalter on
In prior posts we have documented certain similarities between the old IFDA master trust and the Wisconsin master trust, and our Illinois clients have expressed sympathy for their colleagues to the north. But, key differences exist between the two master trusts, and the recent settlement agreement offered to Wisconsin funeral homes is an indication that…