A company that helps consumers pay for funerals has agreed to stop selling new contracts in Missouri and Texas.
National Prearranged Services Inc., St. Louis, has agreed to a temporary suspension of preneed contract sales in Missouri, according to the Missouri State Board of Embalmers and Funeral Directors.
“The agreement is a voluntary agreement and does not constitute disciplinary action,” the board says.
National Prearranged Services “has not admitted any violation of Missouri law,” the board says.
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Meanwhile, in Texas, the Texas Department of Insurance says it has issued a hazardous financial condition order for Memorial Service Life Insurance Company and Lincoln Memorial Life Insurance Company, two insurance company subsidiaries of National Prearranged Services, and to National Prearranged Services.
The Texas Department of Banking has entered into an agreed order with National Prearranged Services to stop selling prepaid funeral benefits contracts in Texas, according to Texas insurance regulators.
Representatives for the companies were not immediately available to comment.
National Prearranged Services, which is owned by a family trust based in Missouri, acts as a general agent for Lincoln Memorial Life and Memorial Service Life, Texas insurance regulators report.