MO SB498

Reduces the deposit deadline for preneed contract payments into trust accounts from 60 days to 30 days after receipt of funds

Clarifies that insurance-funded preneed contracts may be funded by deferred annuity contracts where the annuitant is the beneficiary of the preneed contract, excluding variable annuities

Allows sellers to cancel preneed contracts when the underlying life insurance policy has lapsed or had loans taken against it, with refund of non-insurance payments to the purchaser

Changes annual reporting requirement for trust-funded contracts from reporting "face value" to "market value" of the trust fund

Applies provisions retroactively to preneed contracts entered into before August 28, 2009