Exams/audits

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The next claim made in the Missouri State Board Complaint against the Missouri Funeral Trust is that the program is holding funds for preneed contracts that have either been serviced or canceled.   The Complaint cites Section 436.456 as legally requiring the MFT trustee to distribute an account’s funds when it receives documentation that the contract…

Paragraph 26b of the Complaint filed by the Missouri State Board of Embalmers and Funeral Directors alleges that the Missouri Funeral Trust fails to maintain “records that explain why the principal held in trust exceeds the face value of the preneed contract associated with that account…”  We anticipate that this claim is considering the contract…

After five months of trading Complaints and Answers, the Missouri State Board of Embalmers and Funeral Directors and the Missouri Funeral Trust have been assigned an October hearing date before the Administrative Hearing Commission.   The dispute between the State Board and the MFDEA’s master trust program has been waging for years over issues such as…

It has been more than a year since the Missouri State Board of Embalmers and Funeral Directors approved the expansion of the scope of financial examinations.  Consequently, preneed sellers up for their second preneed audit are receiving notices that request the following reports and documents:

  • A current statement from your state or federally chartered financial

…

Keeping true to a campaign promise, one of the first acts of Missouri Governor Eric Greitens was to issue an executive order that gives each state agency until June 30, 2018 to repeal or cease any regulation that is ineffective, unnecessary of unduly burdensome.  The Governor’s order sets out the following review procedures:

  1. Every State

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In our continuing review of the Missouri Seller Record Keeping proposal, the rule next addresses what a preneed seller must retain with regard to its consumer contracts.  However, the proposal actually contains two sections requiring the retention of contracts and agreements (Section 2.A and Section 2.F). Of the two, Section 2.F is the more detailed:…

When the State Board first discussed the seller records proposal in December 2015, the disbursements records drew complaints from industry members that the examination process was delving too deeply into how funeral homes were conducting their business.   Some comments were directed at whether examiners would review statements of goods and services to determine if consumers…