In their last meeting, the members of the Missouri State Board of Embalmers and Funeral Directors took a small, but important pivot in the preneed examination process. The State Board approved a recommendation made by the Financial Examination Committee that the Committee review each examination report and prepare the letter that accompanies the report to
Missouri - SB1
Missouri Seller Records: 2017 Reboot?
By Bill Stalter on
This time last year, the hot topic before the Missouri State Board of Embalmers and Funeral Directors was the staff’s proposed regulation to define what constitutes adequate records of a preneed seller. The proposal was revised more than once during 2016, but it was eventually tabled by the Board before any consensus could be reached. …
Missouri Preneed Annual Reports: Include Those Pre88 and Post88 Trusts
By Bill Stalter on
Posted in Exams/audits, Missouri - SB1
The Missouri Preneed Annual Report for 2017 is a little different from prior years. Schedule H (trust funded contracts) now seeks information about Pre88 trusts and Post88 trusts. Previously, Schedule H only referenced trusts that administered contracts sold subsequent to August 28, 2009. This had been a source of confusion for Missouri funeral homes. Accordingly,…
The NPS Appeals Opinion: What does it mean for Preneed Fiduciaries?
By Bill Stalter on
Posted in Missouri - SB1, NPS/Lincoln
In an opinion issued last week, the Eighth Circuit Court of Appeals struck down key NPS trial rulings that resulted in a $491 million jury verdict against PNC Bank (as the successor to Allegiant Bank). The appeals opinion states that the trial court erred when it allowed the NPS receiver to argue tort based claims…
Missouri’s Executive Order No. 17-03: Going on Record
By Bill Stalter on
Posted in Compliance, Missouri - SB1
As we had suggested in a prior post, the Missouri State Board of Embalmers is acting to facilitate the directives of Executive Order No. 17-03 before the Board’s member vacancies are addressed. Public hearings have been scheduled for Augusts 14th and 15th at the Division of Professional Registration. The State Board will also accept comments…
Missouri Rule Rollback: How to Start the Process?
By Bill Stalter on
Despite lacking sufficient members to take official actions, the Missouri State Board of Embalmers and Funeral Directors met last week to discuss Executive Order 17-03. As we reported back in January (Missouri Rule Rollback), the Order represents a significant undertaking by the State Board. Seven months later, the State Board has less…
The MFT Complaint: A Sham Seller
By Bill Stalter on
In paragraphs 53 through 71 of the MFT Complaint, the State Board sets out certain duties that only a licensed Missouri preneed seller may perform. The Complaint asserts that these seller duties are either being performed by the funeral homes that contract to be ‘providers’ with the MFT, or by Eagle Bank as trustee for…
The MFT Complaint: Rollovers and Sellers
By Bill Stalter on
In our prior post, we looked at Paragraphs 39 through 52 of the Complaint filed against the Missouri Funeral Trust, and the implications of Missouri’s Common Trust Fund law. In this post we will look at paragraphs 79 through 95 of the State Board Complaint, and what exposures rollover funeral homes could have.
The Complaint…
The MFT Complaint: Rollovers and Common Trust Funds
By Bill Stalter on
In paragraphs 39 through 52, and paragraphs 79 through 95, of the Complaint filed against the Missouri Funeral Trust, the State Board of Embalmers and Funeral Directors raises issues with regard to the preneed trusts that were transferred by funeral homes to MFT. The re-write of Missouri’s preneed law in 2009 provided the MFT an…
The MFT Complaint: Assumption of Duties of a Prior Seller
By Bill Stalter on
In Paragraphs 35 through 38 of the Complaint filed against the Missouri Funeral Trust, the State Board of Embalmers and Funeral Directors seek discipline against MFT for its inability to produce copies of contracts sold by a funeral home that transferred its trust to MFT. The original seller funeral home apparently amended several of its…