Senior Safe Act on the Way to President’s Desk

The Senior $afe Act, endorsed by the National Association of Insurance Commissioners and other groups, is making its way to President Donald Trump’s desk to be signed into law. The bipartisan measure aims to protect older adults from financial exploitation and fraud. The legislation protects banks, credit unions, investment advisers, broker-dealers, insurance companies, and insurance agencies from being sued for reporting suspected exploitation or fraud as long as they have trained their employees about how to identify the warning signs of common scams and make reports in good faith to the proper authorities. Financial fraud costs older adults an estimated $2.9 billion each year, according to Government Accountability Office data. President Trump plans to sign the legislation. Related Story: ThinkAdvisor (Registration)