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.