An Act Regarding Pre-Need Funeral Insurance

LD 867 defines "pre-need funeral insurance" as life insurance assigned to cover a prearranged funeral plan. It requires that only licensed funeral directors may sell such insurance and mandates detailed disclosures to consumers about plan costs, guarantees, relationships between sellers and funeral providers, and sales commissions. The bill also requires that funds paid for prearranged funeral plans be deposited into a separate account within 10 days. These changes aim to increase transparency and protect consumers purchasing pre-need funeral insurance.