10/19/2023

Governor Whitmer Signs Preneed Insurance Bill

Senate Bill 268, repealing the requirement that death benefits on preneed insurance policies be annually adjusted by at least the rate of inflation as measured by the Consumer Price Index (CPI), was signed into law by Gov. Gretchen Whitmer earlier today.

Throughout the entire legislative process, passage of SB 268 was advocated by MFDA and its partners, which include preneed consultants and life insurance providers. Effective immediately, preneed insurance plans will not fall under the annual CPI adjustment. As a result, representatives of several preneed insurance carriers have informed MFDA that they will begin preparations to reinstate business operations in Michigan.