In August 2009, the members and staff of the Missouri State Board of Embalmers and Funeral Directors put in a lot of overtime to keep the preneed industry operating. Senate Bill 1 established brand new licensing requirements for preneed sellers. Without a license, a seller’s preneed contracts could be voided. However, the State Board lacked authority
Missouri’s New Preneed Reporting Requirements: Provider Renewal
By Bill Stalter on
Posted in Missouri - SB1
License renewal packets mailed to Missouri funeral homes in August are a little thicker than what has been sent out in prior years. The new renewal forms include five new preneed reporting forms: a Preneed Seller Annual Report, a Preneed Provider Renewal Form, a Report form for Trust Funded Pre-Need Contracts, a…
The Preneed Subsidy
By Bill Stalter on
Posted in Preneed
While the reasons are open to debate, it is common knowledge within the funeral industry that a small percentage of consumers cancel their preneed contracts. Consequently, some funeral directors tend to view their preneed block of business with a degree of certainty. Performance of the contracts, and recognition of the revenues, seems to be just…
What is this going to cost me?
By Bill Stalter on
Posted in Legislation, Missouri - SB1
The Missouri State Board of Embalmers and Funeral Directors met June 15th and 16th to consider legislative proposals offered for technical corrections to SB1. In a prior post, this author took exception to one of the proposals made by a Board member to raise Missouri’s trusting requirement from 85% to 100%. However, a majority of…
The Preneed Tax
By Bill Stalter on
Several states have passed laws in the past few years mandating greater preneed oversight. But with state budgets in decline after the 2008 market crash, regulators are hard pressed to find a way to pay for consumer protection.
Colorado’s new law simply states that the contract seller shall bear the cost of its examination.
In…
Self Reporting: how deep will it go?
By Bill Stalter on
Posted in Missouri - SB1, Preneed
Missouri funeral homes will get their first glimpse of their State Board’s proposal for self reporting for preneed sales. Under the prior law, preneed sellers merely reported the number of contracts sold and their aggregate sales price.
For Missouri regulators to properly assess whether ‘old’ Chapter 436 trusts and joint accounts are properly funded, the…
Missouri’s 2010 Legislative Proposals: 100% Trusting
By Bill Stalter on
The next round of legislative proposals have been posted to the State Board of Embalmers and Funeral Directors website. At the top of the list is whether the trusting requirement should be raised from 85% to 100%. The proponent believes this will enhance consumer protections. He is not alone.
The Illinois Legislature heard the…
Missouri’s democratic process: June SB1 Hearings
By Bill Stalter on
Posted in Missouri - SB1
The State Board of Embalmers and Funeral Directors gave notice last week of hearings to be held in June regarding proposals made to correct or revise SB1.
If the Board follows the course taken in meetings held earlier this year, the proposals will likely be published to the Board’s website. These postings will provide Missouri…
Missouri’s Ever Changing Spend Down Rule
By Bill Stalter on
Posted in Preneed
Give the State Board credit for attempting to clarify how insurance assignments must be handled for compliance with Missouri laws.
For several months, the State Board has sought clarifications from MO HealthNet regarding spend-downs. On May 12th, the Board emailed to the industry new MO HealthNet guidelines for insurance assignments. One day later, the legislature…
Missouri’s 30 Day Notice
By Bill Stalter on
Missouri’s funeral industry has been given 30 days to submit proposals for revisions to the preneed law that went into effect last August 28th. By email, the State Board has provided the guidelines for submitting changes that will then be discussed by the Board at public hearings to be held in June. The Board has…