Iowa Seeks Oversight Over Failed Preneed Funeral Business
October 16, 2019 by Allison Bell
Officials at the Iowa Insurance Division are going to court in an effort to get control of a preneed funeral services provider that is no longer in operation.
Iowa Insurance Commissioner Doug Ommen recently filed a request for receivership over Joyce Funeral Home Inc. and Joyce-Alesch Funeral Home of Emmetsburg, Iowa, with a state court in Polk County, Iowa.
A preneed funeral services provider in Iowa is supposed to use a trust fund to support funeral, burial and cremation promises, and it may also use life insurance, annuities or other arrangements to support the obligations, according to Ommen’s receivership request.
The provider is supposed to put at least 80% of all payments made in the trust, officials say in the receivership request.
Joyce Funeral Home and Joyce-Alesch Funeral Home appear to be insolvent, and the contact person for those funeral homes seems to have moved to California, officials say.
Click HERE to read the full story via ThinkAdvisor.
