A comment letter submitted by NAIFA President Lawrence Holzberg, LUTCF, LACP, on behalf of the association to the U.S. Department of Labor urges the department to provide an exemption or carve-out for financial professionals in a proposed rule on employee or independent contractor classification under the Fair Labor Standards Act.
2 min read
NAIFA Asks DOL to Exempt Financial Professionals from Proposed Employment Classification Rule
Topics: Legislation & Regulations Press Release Federal Advocacy Producer Employment
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NAIFA members are our association's advocacy strength. We are influential with lawmakers at state and federal levels because we have members from every congressional district in the United States who serve Main Street Americans. Policymakers want to hear NAIFA members' stories and respect our expertise because we represent the communities, families, and small businesses important to elected officials.
Topics: Federal Advocacy Insurance & Financial Advisor Regulation Producer Employment
1 min read
Financial Services Coalition Warns “Significant Disruption” From PRO Act Would Harm Consumers
The following statement and press release was published today on ACLI's site. NAIFA is proud to be part of the coalition of trade associations and works within the coalition to as the association representing agents and advisors.
A coalition of trade associations told Congressional leaders today that the Protecting the Right to Organize (PRO) Act “would cause significant disruption” that would affect consumers’ access to insurance, investment and retirement security solutions. Collectively, the coalition represent more than 100,000 individual small business owners, broker-dealers and insurance companies providing financial services to more than 112 million American families.
Topics: Federal Advocacy PRO Act Insurance & Financial Advisor Regulation Producer Employment
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NAIFA Experts Testify on the Importance of Independent Contractor Status at NCOIL
NAIFA is an active participant in interstate advocacy efforts, including working with groups like the National Council of Insurance Legislators (NCOIL) to create policies and model regulations that protect the interests of consumers and preserve the ability of producers to provide products, services, and advice that help Main Street Americans achieve financial security.
Topics: Interstate Advocacy Insurance & Financial Advisor Regulation NCOIL Producer Employment
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NAIFA-LA Secures Financial Professional Exemption in State Independent Contractor Law
Louisiana Gov. John Bel Edwards recently signed a NAIFA-supported misclassification of workers bill into law. The bill, SB 244, outlines a 12-point definition for “independent contractor” developed by the Louisiana Association of Business and Industry which classifies an independent contractor as anyone who can meet seven of the 12 points. According to the new law, independent contractors could include workers who can’t set their hours, are not allowed to work for other businesses, and are directly managed or supervised by the contracting party.
Topics: State Advocacy Insurance & Financial Advisor Regulation Louisiana Producer Employment
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NAIFA's Holzberg: Congress Needs to Hear From Financial Professionals About the PRO Act
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.
Topics: Federal Advocacy PRO Act DOL Insurance & Financial Advisor Regulation Producer Employment
1 min read
US Department of Labor Withdraws Independent Contractor Rule
The U.S. Department of Labor (DOL) has announced the withdrawal of the “Independent Contractor Rule," effective May 6, 2021.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
2 min read
NAIFA Members Show Almost No Interest in Being Classified as “Employees”
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.
Topics: State Advocacy Federal Advocacy Insurance & Financial Advisor Regulation Producer Employment
1 min read
New NAIFA Survey: What Was Your Path Into the Financial Services Industry?
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.
Topics: State Advocacy Federal Advocacy 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.
