Skip to content

Developed with CFM Partners, New Training and Compliance Solution Satisfies Regulatory Requirements for the Insurance Industry

Windsor, CT and Washington, D. C., May 12, 2016 — In response to recent legislation requiring financial services professionals to be trained in detecting and acting on financial abuse of elderly clients, LIMRA and CFM Partners today announced the launch of a new online program for the financial services industry, Detecting Elder Financial Abuse™ (DEFA). 

“We expect similar legislation to be passed in many other states as there is an increasing emphasis on protecting seniors,” said Robert Wilhelm, development director for LIMRA.  “LIMRA continues to act as a utility for the industry when regulatory requirements expand.  Through our training, advisors will be able to comply with the new laws and learn how they can prevent and report elder financial abuse.”

LIMRA and CFM Partners developed the DEFA program with input from 20 LIMRA member companies. Since 2003, LIMRA has offered an Anti-Money Laundering (AML) training program, using CFM Partners’ cloud-based solution, Access Compliance™. Like AML, the goal for the DEFA program was to design an effective, highly-accessible solution that provides advisors with essential and actionable knowledge they need to be effective in their jobs and meet regulatory requirements.

Designed and developed for advisors to gain necessary training, DEFA meets the requirements of Connecticut’s mandate, due to take effect in this year, as well as similar laws affecting the insurance industry across the country.

“We are very proud of this latest collaboration,” said Beth Murphy, president and CEO of CFM Partners. “Our goal was to help carriers do three things: ensure compliance among their advisors, better manage governance, risk and compliance (GRC), and support their efforts to build cultures of compliance. By applying the cloud-based model that has been so successful for AML, to the challenge of raising awareness around this critical issue, CFM and LIMRA have produced a modern, best-of-breed solution that addresses these objectives while helping to combat elder financial abuse.”

About the DEFA Program

Available 24/7 via any internet-enabled device, advisors are able to access Detecting Elder Financial Abuse training using the same website and log-in credentials they now use for AML training.  The cloud-based program begins by providing a foundational course to create general awareness about elder financial abuse.  Then, advisors can take two other course paths: one identifies specific state requirements and how they might differ from the general course; the second communicates the policies, procedures, contact information, and required forms for individual companies.

Upon completion of the course, LIMRA notifies all the companies represented by the advisor.

“Financial services companies wanted an effective training program to spot elder financial abuse, so LIMRA and CFM provided the solution with a high quality program that has already been reviewed and endorsed by major carriers,” said Wilhelm.

Media Contacts 

Catherine Theroux, +1-860-285-7787, ctheroux@limra.com 
Mark Morris, +1-860-285-7875, mmorris@limra.com 
Melissa Macaulay Federico, +1-617-686-7898, melissa@b2bbrands.biz

About LIMRA 

LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 64 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.

About CFM Partners

CFM Partners is a GRC (governance, risk, and compliance) technology and intelligence solution provider located in Washington, DC. CFM combines innovative technology with deep compliance and industry expertise to deliver integrated, knowledge-based GRC solutions that enhance governance and improve risk management. CFM understands the marketplace, the regulatory environment, and the importance of putting the right tools and information into the hands of the right people at the right time. To learn more about CFM and why its solutions are used by many of the world’s largest and most respected organizations, visit www.cfmpartners.com.

Media Contacts

Catherine Theroux

Director, Public Relations

Work Phone: (860) 285-7787

Mobile Phone: 703-447-3257

ctheroux@limra.com

Erica L. Iorillo

Public Relations Consultant

Work Phone: (860) 285-7875

Mobile Phone: 860-371-8638

eiorillo@limra.com

Brooke Lacey

Public Relations Specialist

Work Phone: (860) 298-3920

blacey@limra.com