Adds transportation protection agreement (an agreement that primarily provides for the coordination and arranging of all professional services related to the preparation of human remains or cremated remains for the purpose of initial and subsequent transportation of those remains) to the list of defined terms in GS 90-210.60 (definitions concerning preneed funeral funds governed under Article 13d of GS Chapter 90). Excludes transportation protection agreements from the scope of Article 13D.
Further excludes transportation protection agreements from: (1) the definition of a preneed funeral contract under GS 90-210.60, (2) the business of life insurance under GS 58-7-15(1), (3) solicitations or sales for contracts used to fund transportation protection agreements under GS 58-58-330(a) (listing sales or solicitations exempt from regulation under Part 6 of Article 58 of GS Chapter 58, concerning dishonest and predatory sales to military personnel), (4) the definition of prearrangement under GS 58-60-35 (concerning disclosure of prearrangement insurance policy provisions).
Broadens the statutory provisions under GS Chapter 58 that apply to the insurance described in GS 58-7-15 (kinds of insurance authorized) to include every article in the chapter (currently, just Articles 1 through 64). Excludes a preneed licensee under Article 13D of GS Chapter 90 and fund transportation protection agreements from GS 58-58-1 (kinds of contract under the life insurance and viatical settlements article of GS Chapter 58).
Makes conforming change to GS 58-58-335, to reflect exclusion of fund transportation protection agreements from definition of business of life insurance under GS 58-7-15(1). Makes technical changes, including updating statutory references to reflect recodifications.
Applies to preneed funeral contracts and transportation protection agreements entered into on or after October 1, 2025.
Bill Summaries: S256 (2025-2026 Session)
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Bill S 256 (2025-2026)Summary date: Mar 10 2025 - View summary