ACLI Commends House Committee For Passing Senior Safe Act Legislation

WASHINGTON, Oct. 12 -- The American Council of Life Insurers issued the following news release:

American Council of Life Insurers (ACLI) President & CEO Dirk Kempthorne today commended the House Financial Services Committee for passing H.R. 3758, The Senior Safe Act, legislation to help protect America's seniors from financial exploitation.

"The Senior Safe Act is beneficial public policy," 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."

"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," said Governor Kempthorne. "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."

ACLI encourages the full House to pass this legislation. It is a companion bill to S. 223, which was authored by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Mo.). 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 urges the Senate to advance this important legislation.