Missouri 2023 Regular Session

Missouri Senate Bill SB32

Introduced
1/4/23  

Caption

Authorizes the Department of Commerce and Insurance to conduct financial examinations regarding preneed funeral contracts under certain circumstances

Impact

The enactment of SB32 will significantly impact state laws regarding preneed funeral contracts by establishing clear licensure requirements for providers and sellers, as well as mandating annual reporting to ensure financial stability and compliance. This improved oversight is designed to prevent potential mishandling of consumer funds and provide more robust consumer protection measures. Additionally, the bill includes provisions for penalties in cases of non-compliance, thereby reinforcing accountability among those involved in the preneed contracts industry.

Summary

Senate Bill 32 addresses the regulation of preneed funeral contracts in the state of Missouri, specifically authorizing the Department of Commerce and Insurance to conduct financial examinations under certain circumstances. The bill enforces stricter compliance requirements for providers and sellers of preneed contracts by repealing outdated sections of existing law and replacing them with new, comprehensive guidelines. These guidelines aim to enhance the oversight of preneed contracts to protect consumers and ensure proper management of funds associated with such contracts.

Sentiment

The sentiment surrounding SB32 is primarily positive among consumer advocacy groups and regulatory bodies, as they view it as a necessary step toward enhancing consumer protection and ensuring fair practices within the preneed funeral services market. However, there may be concern among some funeral service providers regarding the increased regulatory burden and the potential costs associated with compliance and reporting requirements. Overall, the legislative discussions appear to lean toward support for improved oversight and consumer safeguards.

Contention

Notable points of contention in SB32 may arise regarding the balance between regulatory oversight and the operational flexibility of preneed contract providers. While proponents argue that enhanced regulation is crucial for consumer protection, opponents might express concerns about potential overreach and the impact on the cost of services. The debate centers on ensuring that regulations do not inadvertently hinder the ability of providers to operate effectively while still protecting consumers from potential fraud or mismanagement.

Companion Bills

No companion bills found.

Previously Filed As

MO SB1008

Modifies provisions relating to preneed contracts

MO SB679

Preneed funeral contracts; life insurance or annuity contracts.

MO SB1030

Insurance Department; authorizing Department to conduct certain examinations in certain circumstances. Effective date.

MO HB1269

Preneed funeral contracts; removes requirement relating to life insurance or annuity contract.

MO SB521

Preneed funeral contracts; declinable preneed funeral guarantee fee.

MO HB1228

Sunset Continue Regulate Preneed Funeral Contracts

MO HB1231

Funeral homes; revise various provisions relating to disposition of bodies, crematories and preneed contracts.

MO SB131

Relating to the Alabama Board of Funeral Service; to amend Section 34-13-1, as amended by Act 2022-339, 2022 Regular Session, Sections 34-13-20, 34-13-21, and 34-13-22, Sections 34-13-23 and 34-13-27, as amended by Act 2022-339, 2022 Regular Session, Code of Alabama 1975, to rename the Alabama Board of Funeral Service as the Alabama Board of Funeral Services and to provide further for definitions and the membership of the board; to add Article 5 to Chapter 13, Title 34, Code of Alabama 1975, by amending and renumbering Sections 27-17A-1, 27-17A-3, 27-17A-4, 27-17A-10 to 27-17A-25, inclusive, 27-17A-30 to 27-17A-34, inclusive, and 27-17A-40 to 27-17A-57, inclusive, as Sections 34-13-170 to 34-13-172, inclusive, 34-13-190 to 34-13-206, inclusive, 34-13-230 to 34-13-234, inclusive, and 34-13-260 to 34-13-277, inclusive, Code of Alabama 1975; to establish the Alabama Preneed Funeral and Cemetery Act of 2023; to transfer the existing Preneed Funeral and Cemetery Act, and the regulation of preneed contracts, from the Commissioner and Department of Insurance to the Alabama Board of Funeral Service; to authorize the Department of Insurance to temporarily transfer certain funds to the board to defray costs associated with the administration and operation of the Alabama Preneed Funeral and Cemetery Act of 2023; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Section 111.05 of the Constitution of Alabama of 2022.

MO HB212

Relating to the Alabama Board of Funeral Service; to amend Section 34-13-1, as amended by Act 2022-339, 2022 Regular Session, Sections 34-13-20, 34-13-21, and 34-13-22, Sections 34-13-23 and 34-13-27, as amended by Act 2022-339, 2022 Regular Session, Code of Alabama 1975, to rename the Alabama Board of Funeral Service as the Alabama Board of Funeral Services and to provide further for definitions and the membership of the board; to add Article 5 to Chapter 13, Title 34, Code of Alabama 1975, by amending and renumbering Sections 27-17A-1, 27-17A-3, 27-17A-4, 27-17A-10 to 27-17A-25, inclusive, 27-17A-30 to 27-17A-34, inclusive, and 27-17A-40 to 27-17A-57, inclusive, as Sections 34-13-170 to 34-13-172, inclusive, 34-13-190 to 34-13-206, inclusive, 34-13-230 to 34-13-234, inclusive, and 34-13-260 to 34-13-277, inclusive, Code of Alabama 1975; to establish the Alabama Preneed Funeral and Cemetery Act of 2023; to transfer the existing Preneed Funeral and Cemetery Act, and the regulation of preneed contracts, from the Commissioner and Department of Insurance to the Alabama Board of Funeral Service; to authorize the Department of Insurance to temporarily transfer certain funds to the board to defray costs associated with the administration and operation of the Alabama Preneed Funeral and Cemetery Act of 2023; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Section 111.05 of the Constitution of Alabama of 2022.

MO HB81

Relating to the Alabama Board of Funeral Service; to amend Section 34-13-1, as amended by Act 2022-339, 2022 Regular Session, Sections 34-13-20, 34-13-21, and 34-13-22, Sections 34-13-23 and 34-13-27, as amended by Act 2022-339, 2022 Regular Session, Code of Alabama 1975, to rename the Alabama Board of Funeral Service as the Alabama Board of Funeral Services and to provide further for definitions and the membership of the board; to add Article 5 to Chapter 13, Title 34, Code of Alabama 1975, by amending and renumbering Sections 27-17A-1, 27-17A-3, 27-17A-4, 27-17A-10 to 27-17A-25, inclusive, 27-17A-30 to 27-17A-34, inclusive, and 27-17A-40 to 27-17A-57, inclusive, as Sections 34-13-170 to 34-13-172, inclusive, 34-13-190 to 34-13-206, inclusive, 34-13-230 to 34-13-234, inclusive, and 34-13-260 to 34-13-277, inclusive, Code of Alabama 1975; to establish the Alabama Preneed Funeral and Cemetery Act of 2023; to transfer the existing Preneed Funeral and Cemetery Act, and the regulation of preneed contracts, from the Commissioner and Department of Insurance to the Alabama Board of Funeral Service; to authorize the Department of Insurance to temporarily transfer certain funds to the board to defray costs associated with the administration and operation of the Alabama Preneed Funeral and Cemetery Act of 2023; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Section 111.05 of the Constitution of Alabama of 2022.

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Modifies provisions relating to preneed contracts

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