Washington, D.C. (January 29, 2018) –The U.S. House of Representatives passed H.R. 2255, which contains The Senior Safe Act, legislation to help protect America’s seniors from financial exploitation.
“The Senior Safe Act is beneficial public policy,” said American Council of Life Insurers (ACLI) President & CEO Dirk Kempthorne. “It facilitates improved communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation of senior citizens.”
“By encouraging the reporting of suspected fraud, the Senior Safe Act improves the ability of companies to work with regulators to protect seniors from losing their retirement savings,” said Governor Kempthorne. “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.”
This legislation is a companion bill to S. 223, which was authored by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Mo.) and approved by the Senate Banking Committee. 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. ACLI encourages the full Senate to pass this important 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 policyholders 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, 93 percent of life insurance premiums, and 98 percent of annuity considerations in the United States. Learn more at www.acli.com.