Preneed: A Pandora's Box of Problems
News of Randy Sutton’s arrest was greeted by honking hearses in Missouri, Texas, Illinois, and a dozen or so other states. But, the question funeral directors are asking: What about the Cassity family?
Federal investigators need for someone to rollover and give up the Cassity crew, and apparently, Mr. Sutton is their choice.
Matt Damon’s…
While approval of the SDR’s Liquidation Plan is imperative to providing funds for NPS contracts that are being serviced, and will be serviced during the next few years, funeral directors and consumers are raising valid questions about the Plan. For the consumer who purchased a trust-funded contract from NPS on installments, the Plan fails to…
The class action lawsuit brought against the NPS affiliates on Friday, June 20th reflects the despair that some funeral directors are experiencing over the situation. Although litigation to recover assets from the Cassity Empire was inevitable, this lawsuit has flaws that need to be corrected through an organized effort brought by the states’ regulators.
Funeral…
I will preface this blog entry by stating that I do not fault the Texas Department of Insurance for the Rule 11 Agreement if giving up litigation against NPS/Lincoln Memorial (and the various individuals) was the price extracted for gaining control of the companies and the preneed records. Someone needed to take action, and I…
The Cassitys have a rearguard strategy after all.
The Texas Department of Insurance paid a price for gaining control of NPS and its sister insurance companies: A Rule 11 Agreement. Texas has agreed to not bring litigation against the companies, or various individuals and firms related to NPS. A very steep price, but…
The dominoes are beginning to fall. The Texas Department of Insurance has disclosed that Lincoln Memorial and its sister Memorial Service Life have been put into receivership. The Department’s website provides a copy of the order appointing a Donna J. Garrett as the companies’ rehabilitator, and a Q&A for consumers.
On Wednesday, April 30th, the Missouri Department of Insurance fired off the first salvo in the legal proceedings to recover funds from Lincoln Memorial Life Insurance Company. In an effort to prepare those affected by the NPS meltdown, the Missouri State Board of Embalmers and Funeral Directors and the Division of Professional Registration have…
Certainty? In this world nothing is certain but death and taxes.
Benjamin Franklin
The “collapse” of National Prearrangement Services comes as a shock to both the company’s clients and competitors. For the seventeen states in which NPS transacted business, regulators are scrambling to get their arms around the magnitude of the problem. NPS’ adversarial reputation will cause…