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2022 SESSION

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SB 679 Preneed funeral contracts; life insurance or annuity contracts.

Introduced by: Lionell Spruill, Sr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Board of Funeral Directors and Embalmers; life insurance or annuity preneed funeral contract requirements. Provides that the face amount of any life insurance policy issued to fund a preneed funeral contract shall not be decreased over the life of the life insurance policy except where such policies have lapsed due to nonpayment of premiums or have gone to a nonforfeiture option that lowers the face amount as allowed for in the provisions of the policy.

SUMMARY AS PASSED SENATE:

Board of Funeral Directors and Embalmers; life insurance or annuity preneed funeral contract requirements. Provides that the face amount of any life insurance policy issued to fund a preneed funeral contract shall not be decreased over the life of the life insurance policy except where such policies have lapsed due to nonpayment of premiums or have gone to a nonforfeiture option that lowers the face amount as allowed for in the provisions of the policy.

SUMMARY AS INTRODUCED:

Board of Funeral Directors and Embalmers; life insurance or annuity preneed funeral contract requirements. Prohibits the Board of Funeral Directors and Embalmers from requiring life insurance or annuity contracts used to fund a preneed funeral contract to provide that (i) the face value thereof shall be adjusted annually by a factor equal to the annualized Consumer Price Index as published by the Bureau of Labor Statistics of the U.S. Department of Labor or (ii) a benefit payable at death under such contract will equal or exceed the sum of all premiums paid for such contract plus interest or dividends.