The House recently passed H.R. 2255, a bill including the Senior Safe Act, which is designed to help prevent the financial exploitation of seniors. President and CEO of the American Council of Life Insurers, Dirk Kempthorne, believes that the passage of 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.” Paul Schott Stevens, CEO and president of the Investment Company Institute, noted that though “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.”
See Melanie Waddell, House Passes Senior Safe Act, Think Advisor, January 29, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
