Advocacy in action blog

NAIFA's Virtual Congressional Conference, May 25-26, is a great opportunity for NAIFA members to tell their Senators how being reclassified as "employees" rather than "independent contractors" by the PRO Act would hurt their businesses and ability to serve the best interests of their clients. NAIFA President Elect Lawrence Holzberg gives his take on why it's important to attend.

The U.S. Department of Labor (DOL) has announced the withdrawal of the “Independent Contractor Rule," effective May 6, 2021.

More than 90% of NAIFA members have income reported to the government on IRS Form 1099, and very few of them show any appetite for giving up their status as independent contractors, according to a recent survey.

NAIFA’s advocacy educates and informs policymakers so they understand the important work insurance and financial professionals do to help American families and businesses achieve their financial goals and attain financial security. Well-informed officials make better decisions to serve NAIFA members and their clients as well as all Americans who seek financially secure futures.

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.

Legislation signed into law today by Nebraska Governor Pete Ricketts provides citizens throughout the Cornhusker state with enhanced consumer protections when buying annuities. Strongly supported by Nebraska Director of Insurance Bruce Ramge and championed in the Nebraska Legislature by State Senator Matt Williams, the new law closely tracks the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. It also aligns with the SEC’s Regulation Best Interest.

NAIFA Senior Vice President Diane Boyle and Government Relations Director Michael Hedge spend part of their week keeping insurance and financial professionals up-to-date with the latest information on the PRO Act, where it stands, and how it could impact advisors.

In 2018, North Dakota Governor Doug Burgum unveiled the state’s new brand: Be Legendary.

Tuesday, March 23, at 11 am eastern

NAIFA Director of Government Relations Mike Hedge recently spoke with David Duford of Duford Insurance Group about the potential implications of the PRO Act for insurance and financial professionals. Hedge discusses how the PRO Act could disrupt the business relationships between producers and companies and harm the ability of agents and advisors to serve consumers. He also talks about the work NAIFA is doing to head off provisions of the PRO Act that would “revolutionize the industry for the wrong reasons.” The interview is featured on Duford’s popular YouTube channel.