Kansas Insurance Commissioner Vicki Schmidt announced state efforts have prevented over $4.97 million from going to bad actors through the Protect Vulnerable Adults from Financial Exploitation Act.
“Identification and prevention of financial exploitation in vulnerable populations is a priority for our Department,” said Commissioner Vicki Schmidt. “This law has given financial advisors, DCF and the Department of Insurance more tools to help prevent fraud and to go after bad actors.”
Kansas legislation effective July 1, 2024, requires broker-dealers and investment advisers to report certain instances of financial exploitation, including potential exploitation. The Kansas Department of Insurance (KDOI) works with the Kansas Department for Children and Families (DCF), Adult Protective Services (APS) on cases reported through this act. The law allows broker-dealers and investment advisers to delay transactions that are suspected financial exploitation so KDOI and APS can investigate.
For fiscal year 2025, $10.5 million was reported lost by fraud and financial exploitation before KDOI and DCF were involved. Due to the protections provided by the Act, industry professionals, KDOI, and APS prevented $4.97 million from going to bad actors. Through the Act, 140 reports have been received. Ofthe 140 cases, 63 victims were female and 54 were male. The average age of reported victims was 73.
Source: Kansas Insurance Department
Topics Legislation