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The bill would require that, as a condition of receiving immunity, insurance companies train certain personnel regarding the identification and reporting of senior financial exploitation. (AP photo)

Sen. Susan Collins, chair of the Senate Special Committee on Aging, has reintroduced her Senior Safe Act, which is designed to protect vulnerable adults from financial exploitation.

In introducing the Senior$afe Act of 2017 (S. 223), Collins, R-Maine, noted that the bill aims to protect banks, credit unions, investment advisors, broker-dealers, insurance companies and certain supervisory, compliance and legal employees from civil or administrative liability — as long as they receive training in how to spot and report predatory activity and disclose any possible exploitation of senior citizens to state or federal regulatory and law enforcement entities. 

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