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MS HB997
Bill
Status
2/10/2011
Primary Sponsor
Stephen Holland
Click for details
AI Summary
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Allows contract beneficiaries to name a substitute provider for preneed contracts at any time before performance by written notice.
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Requires trustees to transfer all trust funds, including earnings and income, to the substitute provider within 10 days of written notification if contract is trust-funded.
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Requires original providers to notify insurance companies in writing of beneficiary changes within 10 days if contract is insurance-funded.
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Mandates all preneed contracts sold on or after July 1, 2013, be funded by insurance rather than trust or warehouse receipts.
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Effective July 1, 2011.
Legislative Description
Preneed contracts; allow naming of substitute provider at any time, and require all to be funded by insurance beginning 7-1-13.
Last Action
Died In Committee
2/10/2011