The U.S. Government Accountability Office (GAO) released its latest report on the state of state regulation of the death care industry. As it did in 2003, the GAO selected a handful of states to review in depth, and Illinois was one of those states for 2011 report. The Illinois review is set out
Preneed
Missouri and Mrs. Smith’s insurance policy: Where to draw the line?
By Bill Stalter on
Every funeral director has faced the situation where Mrs. Smith comes in with an insurance policy and her funeral plans. Often, Mrs. Smith has gone to trouble of designating the funeral home as the policy beneficiary before having discussed her plans with the director. Often funeral directors file the policy and plan away until Mrs.
Another factor in the cremation trend: preneed insurance premiums
By Bill Stalter on
Posted in Cremation, Guaranteed, Insurance Funded, Preneed, Preplanning, Price Protection, Price Protection
Our preneed provides peace of mind by freeing your family from the burdens of rising funeral costs and from making difficult decisions during their time of grief.
Since the inception of the transaction sixty years ago, that statement has defined preneed marketing. Even the AARP recently embrace the peace of mind concept. The inflationary…
The On-Site Audit: getting to know your business
By Bill Stalter on
Posted in Exams/audits, Preneed
Here in the Midwest, the death care industry is just beginning to experience the increase in preneed reporting and oversight. Some funeral directors are already frustrated with the new requirements, and are biding the time to when they can vent towards the preneed regulator.
Over the past 4 years, state agencies in Illinois, Kansas and…
KC Funeral Consumer Alliance: Cemetery Survey
By Bill Stalter on
The funeral industry may grumble about the FTC’s Funeral Rule, but two disclosures required by that law play important roles in the preneed transaction. The general price list is often used by funeral homes as a tool for comparing prices with the competition. And when a prearranged funeral is performed, the statement of goods and services…
Missouri Preneed Seller Renewal: Trick or Treat?
By Bill Stalter on
The licenses required to sell or service preneed in Missouri must be renewed annually, with the deadline for filing the required paperwork falling on October 31st. Technically, these licenses expire on Halloween unless the State Board staff has renewed them by that date. But, it is human nature to procrastinate, and many licensees wait until…
Missouri’s desk audit: the first look will take the longest
By Bill Stalter on
As discussed in prior posts, the Missouri preneed audit process begins with a notice to the preneed seller for the production of documents and data. After a review is made of the documents, data and the annual reports filed with the State Board, an on-site examination is scheduled with the seller. Most Missouri preneed sellers…
Missouri’s Document Production Request
By Bill Stalter on
The examination of a Missouri preneed seller begins with a request that certain documents be submitted to the State Board within 3 weeks. The purpose for the document production is to allow the examiner to perform a desk audit of the seller’s operable documents before an on-site visit is made. From those documents the examiner…
Missouri’s Examination: an idea of what to expect
By Bill Stalter on
The new era of preneed exams and audits got off to a slow start in Missouri, but now there are indications the process is picking up speed. The first notices of preneed financial examinations went out to sellers last January, and some are now going through on-site examinations. A second wave of examination notices has gone out, and the State Board has begun preparations for…
Informing the Consumer (and the Industry)
By Bill Stalter on
The need for better preneed oversight is obvious, but regulators often lack resources and expertise. The state of Connecticut made headlines recently for the decision to make budget cuts by de-regulating the death care industry*. Connecticut funeral directors challenged the decision, and the state issued a ‘clarification’ and withdrew the plan. (That’s correct, the…