Wednesday, September 13, 2017

ACLI Commends House For Introducing Senior$afe Act Legislation

Washington, D.C. (September 13, 2017) – American Council of Life Insurers (ACLI) President & CEO Dirk Kempthorne today commended the House for introducing H.R. 3758, The Senior$afe Act, legislation to help protect America’s seniors from financial exploitation.

“The Senior$afe Act facilitates enhanced communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation of senior citizens,” said Governor Kempthorne. “By encouraging the reporting of suspected fraud, the Senior$afe Act improves the ability of companies to work with regulators to protect seniors from losing their retirement savings.

“The Senior$afe Act is good public policy. ACLI thanks Reps. Kyrsten Sinema (D-Ariz.) and Bruce Poliquin (R-Maine) for their strong leadership on the legislation to address a serious problem facing America’s seniors,” said Governor Kempthorne.

The legislation is a companion bill to S. 223, which was authored by Sens. Susan Collins (R-Maine) and Senator Claire McCaskill (D-Mo.). It encourages financial services firms to provide appropriate training to front-line employees and producers, while granting immunity to those that report suspected abuse to regulators and law enforcement authorities.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets. Learn more at www.acli.com.

Date Posted: September 13, 2017
Document ID: NR17-056
Contact: David Nielsen, 202-624-2419