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Board of Funeral Directors and Embalmers
Mandate 1244

Mandate Information
Mandate Title:
Preneed funeral contracts funded by life insurance or annuity contracts
Purpose of legislation
Removes the requirement that if a life insurance or annuity contract is used to fund a preneed funeral contract, the life insurance or annuity contract must provide either that the face value thereof shall be adjusted annually by a factor equal to the annualized Consumer Price Index as published by the Bureau of Labor Statistics of the United States Department of Labor, or a benefit payable at death under such contract that will equal or exceed the sum of all premiums paid for such contract plus interest or dividends, which for the first 15 years shall be compounded annually at a rate of at least five percent.
Legislation mandating a change Chap 18 (2022)
VAC chapters to be amended
18 vac 65 - 30 : Regulations for Preneed Funeral Planning
Associated Regulatory Actions No regulatory action has been filed.
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