The Ohio General Assembly approved legislation that would amend Ohio law regarding preneed contracts and the funding of such contracts. Senate Bill 196 will affect insurers and agents that sell life insurance policies used to fund preneed contracts for funeral services by clarifying permissible and impermissible activities related to the sale of an insurance policy or annuity to be used to fund a preneed contract and defining enforcement authority over insurers and agents.

Senate Bill 196 is awaiting Governor Ted Strickland’s signature.