NAIFA advocacy ensured insurance included in Senior Safe Act legislation

On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act, which includes the legislative language of the SeniorSafe Act. The House and Senate previously passed the legislation.
 
NAIFA members have advocated on behalf of Senior Safe legislation that would allow them to serve their clients’ interests by acting as a first line of protection against financial fraud and abuse. Under the act, advisors have a mechanism to report suspected fraud to their companies or broker dealers, which can then investigate the matter and involve regulators or law enforcement if needed.
 
NAIFA became involved with the Senior Safe Act when it was first introduced in the 114th Congress and continued working with bill sponsors throughout the 115th Congress. During this legislative process, NAIFA was active in ensuring the inclusion of insurance in the liability protections that the bill provides including needed protections for advisors’ senior clients, while ensuring that it shields advisors acting in good faith from liability and other potential consequences.
 
“Advisors are in a unique position to protect senior consumers and investors from financial fraud and exploitation,” said NAIFA CEO Kevin Mayeux. “It’s another way NAIFA members can serve the best interests of their clients. Passage of the Senior Safe Act is a win for consumers and advisors alike.”

 
  • Posted June 15, 2018 IN


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