ME LD867

Defines "pre-need insurance" as life insurance policies designed to cover funeral and burial costs where the entire death benefit is paid directly to the funeral establishment

Requires insurance producers to disclose eight specific items before selling pre-need insurance for prearranged funerals, including the relationship between parties, pricing guarantees, geographic restrictions, and whether sales commissions are being paid

Limits the face amount of pre-need insurance policies to the maximum amount of goods and services contracted for in the prearranged funeral plan

Removes the prohibition on mortuary trustees receiving commissions from insurers and allows funeral licensees who are also licensed insurance producers to receive commissions for pre-need insurance sales

Directs the Board of Funeral Service to adopt rules regarding the form, format, and content of prearranged funeral agreements funded by pre-need insurance