Preneed funeral contracts; SCC to oversee contracts funded by proceeds of life insurance policy. (HB1333)

Introduced By

Del. Harvey Morgan (R-Gloucester)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Preneed funeral contracts; authority of State Corporation Commission.  Authorizes the State Corporation Commission to oversee the sale of preneed funeral contracts that are to be funded by the proceeds of a life insurance policy. The measure prohibits an insurer issuing policies to fund preneed funeral contracts from using or employing another person to entice an individual to purchase a product or to direct the course of action and choice of the buyer in a preneed funeral contract sale. The measure also provides that life insurance policies that are marketed or sold through the use of application or marketing materials that include information regarding costs associated with a funeral, including a casket or vault, in a manner that implies a connection between the amount of coverage and the cost of a funeral, are subject to regulation as life insurance policies used to fund preneed funeral contracts. Finally, the measure directs the State Corporation Commission to review its regulations to ensure that life insurance policies associated with the costs of funerals are not marketed through the use of deceptive or misleading practices. Read the Bill »


Bill Has Failed


01/22/2010Presented and ordered printed 10104120D
01/22/2010Referred to Committee on Commerce and Labor
02/04/2010Stricken from docket by Commerce and Labor