Washington, D.C. (December 5, 2017) – The Senate Banking Committee’s markup of The Economic Growth, Regulatory Relief and Consumer Protection Act/ S.2155 represents an important step toward protecting America’s seniors from financial exploitation.

The American Council of Life Insurers (ACLI) commends Senate Banking Committee Chairman Mike Crapo (R-Idaho) for including provisions in the legislation from The Senior$afe Act of 2017, S.223, authored by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Mo.).

“The Senior$afe Act is constructive public policy,” said ACLI President and CEO Dirk Kempthorne. “ACLI thanks Sens. Crapo, Collins and McCaskill for their strong leadership on the bipartisan legislation to address a serious problem facing many of America’s seniors.”  

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

The bill 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. It is a companion bill to H.R. 3758, which was authored by Reps. Kyrsten Sinema (D-Ariz.) and Bruce Poliquin (R-Maine), and which the House Financial Services Committee passed, 60-0, in October. ACLI encourages the full House and Senate to pass this legislation.

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.