Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

House Passes Senior Safe Act

By Melanie Waddell

X
Your article was successfully shared with the contacts you provided.

The U.S. House of Representatives passed H.R. 2255 legislation, which includes The Senior Safe Act, late Monday to help protect seniors from financial exploitation.

Both H.R. 2255, the Housing Opportunities Made Easier (HOME) Act, and the Senior Safe Act (formerly H.R. 3758), had been standalone bills.

H.R. 3758 is companion legislation to S. 223, which was passed by the Senate Banking Committee and 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. 

Dirk Kempthorne, president and CEO of the American Council of Life Insurers, said in a statement that the Senior Safe Act “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 Kempthorne.

Paul Schott Stevens, president and CEO of the Investment Company Institute, added in a statement that the “vital legislation will establish a federal protection for financial institutions that act in good faith and with reasonable care to disclose the suspected exploitation of senior citizens” to a regulator or law-enforcement agency.

“While many states already shield financial institutions from liability when they disclose suspected elder financial abuse, this bill will provide such protection to all financial institutions, including all mutual fund transfer agents,” Stevens said.

Both ICI and ACLI urged the full Senate to pass the bill and send it to President Trump’s desk.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.