When the Missouri State Board of Embalmers and Funeral Directors meet on January 6th, the main topic of discussion will be the scope of the next round of preneed financial examinations. With the passage of Senate Bill No. 1 in 2009, the State Board was given the responsibility of conducting a preneed examination
The Missouri Fund Manager: What was Grandfathered?
There seems to be some confusion in Missouri over the permissible contractual relationships among the preneed seller, the preneed trustee and the independent investment advisor. Prior to the collapse of NPS, and the subsequent amendment of Missouri’s preneed law, Chapter 436 allowed the preneed seller to incorporate provisions in its preneed trust agreement to instruct
The Missouri Funeral Trust Lawsuit: Is Investment Performance a Trade Secret?
The MFT did not catch a break with the court assigned to its lawsuit against the Missouri State Board of Embalmers and Funeral Directors and Catholic Fraternal Life. The hearing scheduled for September 28th was continued for another four weeks, and in the meantime, the parties continue to file evidentiary discovery requests. The Association’s
The Missouri Funeral Trust and its Catch-22
A status hearing is scheduled for September 28th in the lawsuit filed by the Missouri Funeral Trust against the State Board of Embalmers and Funeral Directors and Catholic Fraternal Life. The lawsuit is now 4 months removed from the request for a temporary restraining order that, among other relief sought, would stay the financial
Missouri’s Financial Examination Committee: What role?
When the Missouri State Board of Embalmers and Funeral Directors meet this week, the role of the Board’s Financial Examination Committee will be discussed. As established, the Financial Examination Committee was intended to expedite the exam process. The initial Committee consisted of the Board’s public member and a former industry member who had previously acknowledged
Missouri’s Next Round of Preneed Examinations: Drilling Deeper?
When the Missouri State Board of Embalmers and Funeral Directors meets this week, their staff will be seeking input regarding the scope of the second round of preneed audits. Each preneed seller is to be audited at least once every five years, and the first round of audits was ‘concluded’ this year. Included on
The MFT Lawsuit Claims: The Client List
The lawsuit brought by the Missouri Funeral Trust against the Missouri State Board of Embalmers and Funeral Directors and CFL Pre-Need includes a number of unique and dubious claims. For example, the lawsuit defines CFL Pre-Need, an insurance company, as a competitor but not funeral home clients that are licensed as a preneed seller. The
Missouri Preneed Tax Cut: The Contract Fee
Using its emergency rulemaking authority, the Missouri State Board of Embalmers and Funeral Directors reduced the state preneed contract fee from $36 to $25. The change is to go in effect on September 1, 2015, the first day of the next reporting period.
Trust Shortages: Sponsorship Fees
It was been almost 7 years since we posted the piece titled “Trade Association Membership: weighing the costs vs. the benefits”. Towards the end of that article, we discuss how the master trust sponsor fee provides a crucial source of revenue to state associations. That post was written subsequent to the dissolution of
Missouri Audits: What’s in store for round 2?
The Missouri State Board of Embalmers and Funeral Directors will meet August 4th and 5th to discuss legislation, regulation drafts and changes to the examination process. The State Board examiners are completing the first audit of each preneed seller, and the scope and procedures for the next round of preneed audits will be discussed. Use