It was once fairly common for a funeral director to take a preneed purchaser’s funds and establish a joint account at a local bank. Missouri’s preneed law contemplates the transaction and requires that the funeral home and the purchaser have joint control over the account. Prior to 9/11, banks would freely provide account forms, allowing the
prearranged
Missouri Preneed Reform: Act 2
By Bill Stalter on
As news of the NPS meltdown began to leak last month, several proposals to reform Missouri’s preneed law were hastily drafted. Not knowing the extent of NPS’ problems, some reform advocates felt the need to strike while the iron was hot.
Even as the legislative session ended on May 16th, it was not clear whether…
Big dreams buried by big questions: NPS
By Bill Stalter on
Yesterday, the St. Louis Post-Dispatch ran an article that examined the history of NPS, and raised some of the questions that need to be explored in depth in the months to come. The system failed in several states, for both consumers and funeral homes. While most funeral homes will try to make good on the…
Your Preneed Forecast: Exams, followed by Audits
By Bill Stalter on
The Missouri preneed industry faces a long and stormy summer.
The Missouri legislature seems to be listening to regulators’ requests for much needed authorities for examinations, audits and rulemaking. A draft bill providing emergency powers to the Division of Professional Registration has emerged as legislation that may be signed into law before the current session ends…
NPS: Show me the money!
By Bill Stalter on
Posted in NPS/Lincoln, Preneed
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…
Missouri Preneed Reform: Show Me
By Bill Stalter on
With two reform bills (HB 2469 and HB 2594) already introduced into the legislature, and two substitute proposals in the works, Missouri legislators and regulators are committed to fixing a law that allowed NPS to exploit consumers and funeral homes. However, consumers and the death care industry are both having difficulty analyzing the specifics of…