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COMMITTEE REPORT
May 8, 2002
H. 4180
S. Printed 5/8/02--S.
Read the first time April 17, 2002.
To whom was referred a Bill (H. 4180) to amend Section 38-55-330, as amended, Code of Laws of South Carolina, 1976, relating to funeral directors acting as agents for life insurers for funding, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DAVID L. THOMAS for Committee.
EXPLANATION OF IMPACT:
The Department of Insurance has determined that there would be no impact on the General Fund of the State. The bill deletes the requirement that the SC Board of Funeral Service verify pre-need funeral policies.
Approved By:
Don Addy
Office of State Budget
TO AMEND SECTION 38-55-330, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FUNERAL DIRECTORS ACTING AS AGENTS FOR LIFE INSURERS FOR FUNDING PRENEED FUNERAL CONTRACTS, SO AS TO DELETE THE PROVISION REQUIRING THE SOUTH CAROLINA STATE BOARD OF FUNERAL SERVICE TO VERIFY THAT SUCH AN INSURANCE POLICY IS CONSISTENT WITH STATUTORY REQUIREMENTS FOR PRENEED FUNERAL CONTRACTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-55-330 of the 1976 Code, as amended by Act 67 of 1995, is further amended to read:
"Section 38-55-330. A licensed funeral director employed by a licensed funeral home in South Carolina may be licensed as an agent for a life insurer doing business in this State. However, a funeral director licensed under this section may act only as an agent for a life insurer only in connection with the funding of a preneed funeral contract under Chapter 7 of Title 32. The amount of an insurance policy sold by a licensed funeral director licensed under this section may not exceed the amount of the preneed funeral contract as defined in Section 32-7-10(3). In addition to the filing and approval requirements of Section 38-61-20, a life insurer must file a sample policy to fund a preneed funeral contract with the South Carolina Board of Funeral Service, and before the policy can be marketed in this State the board must verify that the policy is consistent with Title 32, Chapter 7. The board also shall maintain a list of all funeral directors licensed as insurance agents, the insurer each director represents, and the type of policy each director is licensed to sell. Except for a funeral director licensed under this title, no insurance agent, as defined in Section 38-1-20, or person, as defined in Section 38-1-20, shall sell any policy, as defined in Section 38-1-20, which has for its purposes the funding of any funeral services, or the furnishing or delivery of personal property, merchandise, services of any nature in connection with the final disposition of a dead human body, to be furnished or delivered at a time determinable by the death of a person whose body is to be disposed of, but does not mean the furnishing of a cemetery lot, crypt, niche, mausoleum, grave marker, or monument."
SECTION 2. This act takes effect upon approval by the Governor.
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