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
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 $64 Million Dollar Question: Is the Money there?
By Bill Stalter on
Posted in Master Trusts, Missouri - SB1
While the Missouri State Board of Embalmers and Funeral Directors’ Complaint against the Missouri Funeral Trust alleges the program has failed to maintain adequate records, documents and oversight, funeral directors want to know whether the trust is adequately funded. Although the State Board raised issues with some contracts reported with zero deposit balances, the Complaint…
Missouri County Cemeteries: Legislation to Allow Trust Diversification
By Bill Stalter on
Posted in Care Funds, Cemeteries
The Missouri legislature has passed a bill to authorize county commissioners to diversify their cemetery trusts. Prior to the passage of House Bill No. 51 Missouri’s counties were restricted in how they could invest cemetery care funds. Essentially, a Missouri county could invest care funds only in government bonds. But, since the mortgage bond crisis…
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 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…
Missouri HB 596: Messages Received?
By Bill Stalter on
The legislation that would have converted the Missouri State Board of Embalmers and Funeral Directors from an industry board to a consumer board did not get to a vote on the floor, but got further than most expected. Seeking to make the State Board more responsive to preneed consumers, Rep. McGaugh’s efforts got an unexpected…
MFT Complaint: Insurance Contract Records
By Bill Stalter on
Paragraph 26c of the Complaint filed by the Missouri State Board of Embalmers and Funeral Directors alleges that the Missouri Funeral Trust fails to maintain “records regarding the insurance policies for insurance funded preneed contracts….” We suspect this claim may be directed at a practice where the MFT trustee has accommodated funeral homes that have…
The MFT Complaint: Records and the Administration of Consumer Funds
By Bill Stalter on
Posted in Exams/audits, Recordkeeping
The next issue in our review of the MFT Complaint concerns the State Board allegation that the MFT fails to maintain adequate records to document how much consumers have paid and that the proper amounts were deposited to trust. In subsequent sections of the Complaint, the State Board asserts that the MFT in some instances…