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Labor bill could turn many insurance producers into employees: NAIFA

But for many insurance producers and financial advisors, being reclassified as an employee could cause problems.

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The worker classification provision in the bill is similar to California’s AB 5 labor law, which was meant to keep Uber, Lyft and other new, “gig economy” employers from treating workers with little autonomy as independent contractors.

The National Association of Insurance and Financial Advisors is working to change a U.S. House bill that could classify many insurance agents, insurance brokers and financial advisors as employees, rather than as independent contractors.

The association is asking members to help it lobby to add an exemption for financial professionals to the “Protecting the Right to Organize Act” bill and a Senate PRO Act companion bill.

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