HB1498 Summary

• Modifies requirements for prepaid funeral benefit permit applications to be filed electronically, establishes permit fees of $50.00 with provisions for renewal and late application penalties.

• Permits permit holders 90 days to reinstate expired permits by paying double the renewal fee; permits expired longer than 90 days require reapplication as a new applicant.

• Authorizes Insurance Commissioner to suspend, revoke, or refuse to renew permits for violations, with notice and opportunity for hearing; violations result in penalties of $100-$1,000 per occurrence.

• Requires permit holders to electronically notify Insurance Commissioner of address or name changes within 30 days; late notifications incur a $50.00 fee.

• Permits prepaid funeral benefit contracts to be funded by assignments from standard life insurance policies or individual/group fixed annuities; repeals sections 1106.1, 6813, 6814, and 6815 of Title 36.

• Becomes effective November 1, 2025.