Regulators in California, Missouri and Kansas have already implemented strategies that are intended to make preneed fiduciaries more accountable to the consumer. Over the past few weeks, this blog has covered new reporting requirements in Missouri and the audit drama playing out in California. In Kansas, the fiduciary for a failed cemetery has been sued for
sb1682
Illinois: the initial insurance premium is coming due
By Bill Stalter on
The Comptroller’s Office mailed out letters to funeral homes last week advising how to report the first contribution to the Pre-Need Funeral Consumer Protection Fund. The letter tracks the first few paragraphs of the “Senate Bill 1682 Information” page from the Comptroller’s website.
The funeral home letter includes two documents: a Fee Payment…
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…
2010 and New Year Resolutions: an independent trustee
By Bill Stalter on
Posted in Legislation, Preneed
- Losing 20 pounds
- Quit smoking
- Spend more time with the family
- Find an independent trustee
And so goes the list of New Year resolutions for the Illinois funeral director, with the last being forced on the industry by SB 1682.
Funeral directors and consumers can learn more about the new independent trustee requirements by visiting the Comptroller’s…
Illinois Preneed Fund Migration: SB1682
By Bill Stalter on
With the upcoming new year, Illinois smaller funeral homes will begin searching for a corporate trustee for their preneed funds. With the Legislature’s approval of the Governor’s Amendatory Veto of SB1682, funeral directors lose the authority to serve as fiduciary of their own preneed funds.
Third time’s the Charm: Preneed Legislation
By Bill Stalter on
The old axiom was that it would take three consecutive legislative sessions to get a preneed bill passed. If Missouri and Illinois are indicators of the current preneed reform movement, the charm may be based not on attempts but actual bills passed by the legislature.
The Illinois Comptroller’s proposal for preneed reform, SB1682, is progressing…
Taking Cemeteries to Task: Quinn’s Report
By Bill Stalter on
Posted in Cemeteries
Governor Quinn’s Cemetery Oversight Task Force worked overtime to get their report done early, and Illinois’ death care industry now faces new questions about reform legislation. It would appear that SB1682 will not be the last shot fired in the battle for death care reform for Illinois.
The full report is available on the Governor’s…
Illinois’ death care reform: inching towards reality
By Bill Stalter on
Reform in Illinois inched closer to reality with Governor Quinn’s "amendatory veto" of SB1682. If accepted by the Illinois legislature, the reform bill will become law on January 31, 2010.
However, the Governor is seeking a 30 day window between the deadline for the report due from the Funeral Burial Task Force and SB1682’s effective date. It is doubtful much could be done to change SB1682…
Illinois’ Cemeteries and SB 1682
By Bill Stalter on
Posted in Cemeteries
NPS’ sister corporation, Forever Illinois, used the Illinois self trusting provisions to administer preneed funds. As with funeral operators, Senate Bill 1682 will force Illinois cemeteries to seek corporate fiduciaries to administer their preneed and endowed care funds.
Redefining Preneed
By Bill Stalter on
Posted in Legislation, Preneed
Federal and state regulators can not quite agree on how to define the preneed transaction. Federal regulators tend to view the preneed transaction as a current sale of goods and services (where the delivery is deferred until a future date). In contrast, state regulators are increasingly defining the transaction in terms that defer consummation of…