New Hampshire Gov. Chris Sununu recently signed into law SB 384, giving financial institutions additional abilities to identify and stop financial exploitation of the elderly and disabled. Sununu also signed SB 354 into law, which impacts insurance adjuster licensing, insurance producer licensing fees, and the sale of credit life and credit accident and health insurance policies. The Cooperative Credit Union Association (CCUA) worked closely with legislators to advance both bills.
“These legislative victories are the results of New Hampshire credit union leaders, CCUA and our lobbying partners building strong relationships with legislators. Efforts to mitigate financial exploitation must be ongoing. SB 385 ensures the continuation of those efforts,” said CCUA President/CEO Ron McLean.
McLean also called attention to the importance of safeguarding credit unions and their ability to provide members with high quality and affordable credit life and credit accident insurance.
SB 354, filed at the request of the New Hampshire Department of Insurance, adds further clarity regarding the sale of insurance products by banks and credit unions. CCUA worked collaboratively with the New Hampshire Department of Insurance to craft testimony explicitly stating that the intent of the legislation was to ensure licensure was not required of financial institutions for selling credit life and credit accident and health insurance policies.