The U.S. Department of Labor (DOL) has announced the withdrawal of the “Independent Contractor Rule," effective May 6, 2021.
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US Department of Labor Withdraws Independent Contractor Rule
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
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NAIFA Urges DOL to Move Forward With Rule on Independent Contractor Status
NAIFA has joined with industry partners to submit a comment letter to the Department of Labor (DOL) on the proposed withdrawal of the Independent Contractor Status rule under the Fair Labor Standards Act (FLSA). The rule was published on January 7, 2021.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
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DOL Confirms PTE on Retirement Advice Will Go Into Effect Feb. 15
The Biden Administration has confirmed that the Department of Labor (DOL) will move forward with a prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. DOL previously announced the new PTE on December 15 during the Trump Administration. It goes into effect February 15.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation
3 min read
NAIFA Advocacy Helped Shape DOL Rule on Independent Contractors
The U.S. Department of Labor (DOL) announced today a final rule clarifying the standard for employee- versus independent contractor-status under the Fair Labor Standards Act (FLSA). NAIFA has worked closely with DOL to ensure an equitable rule that considers the needs of the insurance industry. NAIFA submitted comments on DOL’s rulemaking on October 26, 2020.
