House Approves Senior Safe Act Legislation

Improving the ability of company’s to work with regulators to protect seniors

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.

In Other News:

New videos on ACLI’s website highlight key findings of recent research that finds that income alone does not determine financial security in retirement.

“Financial security in retirement is accessible to most people. But as our research finds – and as our videos illustrate – high-income people who fail to plan properly can face significant retirement challenges. Mid to low-income people who plan and save well in working years can enjoy peace of mind and financial security in retirement,” ACLI President & CEO Dirk Kempthorne said.

It facilitates improved communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation

Life insurers’ products – life insurance, annuities, long-term care and disability income insurance, in addition to employer-based retirement plans – are key to building financial and retirement security.

“Smart, long-term financial planning can help ensure a lifetime of dignity and financial independence,” Governor Kempthorne said.

The data points referenced in the videos come from ACLI’s 2017 report, “Assessing Americans’ Financial & Retirement Security.” It found, among other things:

  • 25 percent of the most financially secure households earn $50,000 or less.
  • 65 percent of U.S. households are on track or nearly on track to be financially secure.
  • Nearly 50 percent of households agree that they need “expert help in retirement planning.”

“The videos aim to convey in a user-friendly way the components necessary to achieve financial security. They represent just one more way ACLI and life insurers overall educate Americans about the importance of long-term financial planning and products that can offer a lifetime of financial security,” Governor Kempthorne added.

Access the bill, HR 2255, here.

 

 

 

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.