SCS/SB 337 - This act modifies provisions of the Missouri Preneed Funeral Contract Act. Under this act, the obligations of a provider and seller of preneed funeral contracts shall not cease due the revocation or suspension of a provider or seller license or due to any failure to renew such license, provided that the contract was entered into while the provider and seller held a valid license.
A seller of any insurance-funded preneed contract is required to file an annual report containing certain information. This act requires that annual report to include the status and total face value of each policy only if available to the seller and a certification under oath by an authorized representative of the seller. Currently, a preneed seller's license shall automatically be suspended if the seller fails to file an annual report. This act repeals this provision.
The Board of Embalmers and Funeral Directors may lower or not require the annual reporting fee if the sole consideration is whether the seller or provider has been made the beneficiary or assignee of an insurance policy that was in force more than one year prior to the date of the contract.
KATIE O'BRIEN