The NAIC Market Regulation and Consumer Affairs Committee, at its meeting during the Spring Annual Meeting, took initial steps to undertake study of and actions on the financial exploitation of seniors. While specific steps are yet to be fashioned, this is clearly a new priority for President John Huff, and committee chair Steve Robertson and vice chair Laura Cali.
The New York DFS has already started looking at this issue, and the role of insurance professionals and financial advisors in protecting seniors from financial harm.
The discussion at the NAIC, and the work already undertaken by the New York department, makes timely the focus of this issue at the upcoming NAIFA-NYS annual conference, May 15-17, in Albany. The “Renaissance at the Renaissance” will include the convening of regulators and licensed professionals to discuss the various aspects of financial exploitation of seniors, including protection for agents and advisors when they warn of wrongdoing by others upon seniors.
It is crucial to get on top of this issue as the nation’s insurance regulators start to focus upon it. NAIFA National has been in the forefront of this problem, and is expected to materially contribute to the NAIC’s deliberations as they discuss it. NAIFA National considers its members to be “on the front lines” of protecting the insurance-buying public.