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Here are some key statistics as of
February 23, 2009:
• The SDR claims
administration staff is currently processing
claims received last week. While the claim
backlog has been eliminated it does not
mean that all claims have been processed and
paid. Since 10/23/09, the state insurance
guaranty associations (IGAs) have funded in
excess of $13.5 million dollars with over $4.5
million paid by the Missouri IGA.
• In excess of 650 Missouri
claims have been processed, audited and approved
for payment but are waiting for
assignment/release forms.
• A Notice Packet was mailed
on 2/2/09 to the funeral homes. It included
instructions for submission of claims with
2/1/09 and later dates of death and
revised shorter forms. Copies are
available on the website.
• There are approximately 300
claims pending for NPS preneed contracts with no
identified Lincoln or Memorial policy of
insurance (the “orphan contracts”). While the
vast majority of these are Missouri claims there
are orphan contracts and claims for other
states. The SDR and the Missouri IGA
are reviewing documentation and working through
the contract coverage
issues.
• The stated goal of the SDR and IGAs is
to process payment within 45-60 days. The
court approved Liquidation Plan does not set
a processing deadline or time frame. Funeral
Homes should anticipate a 60 day turnaround
time for the majority of submitted claims.
Claims that are incomplete, relate to orphan
contracts or involve third party funding
companies will require longer to process. As
noted above, much of the delay arises from
delays in funeral homes submitting required
forms.
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