In the wake of the COVID-19 pandemic, all brick and mortar producer licensing testing centers were closed and new producers couldn’t begin to sell because they couldn’t be tested or licensed. Transamerica and the broader industry advocated for an emergency mechanism to allow for producers to be licensed. We were successful in persuading most states to develop a temporary licensing program and/or an online testing protocol. Several states have implemented online testing, and many more are expected to join them in the relative near term. Brick and mortar testing locations are slowly beginning to open nationally.
Senior Financial Protections
Many states have implemented special rules to ensure that seniors and other potentially vulnerable people are protected from wrongdoers whose interest is in taking seniors’ money, instead of serving them with products that a suitable for them. These are known colloquially as elder financial abuse laws, which increase punitive damage penalties for anyone who takes advantage of the elderly or disabled in a financial transaction. Transamerica supports a federal safe harbor that would encourage financial firms to train and equip their employees to spot financial fraud and take steps to stop it.