The U.S. Department of Labor’s proposal to rescind current guidance determining independent contractor status under the Fair Labor Standards Act will significantly benefit independent insurance agents and brokers and the consumers who rely on them for financial and risk-protection products and services. The current guidance is far too likely to misclassify independent contractors in the insurance space as employees. NAIFA supports DOL’s proposal to replace the current guidance “with guidance that is substantially similar to the guidance DOL adopted in 2021,” NAIFA President Christopher Gandy wrote in a letter to Andrew Rogers, administrator of the DOL’s Wage and Hour Division.
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NAIFA Letter Supports Change to DOL Independent Contractor Rule Guidance
Topics: DOL Independent Contractor Rule
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NAIFA Supports Independent Contractor Rule That Protects Advisors, Small Businesses
On April 9, the Office of Advocacy at the U.S. Small Business Administration (SBA) convened a roundtable on the Department of Labor’s proposed Independent Contractor Rule, a proposal that would rescind and replace the 2024 rule that has created uncertainty for financial professionals and small businesses alike.
