WASHINGTON—American Council of Life Insurers (ACLI) President and CEO David Chavern today called on the New Department of Labor & Workforce Development to withdraw a proposed regulation and allow insurance agents to maintain their status as independent contractors.

In a letter to the department, Mr. Chavern warned that the proposal would have adverse consequences for New Jersey consumers seeking financial protection.

“The presence of independent contractors in the insurance distribution model expands access to and choice of insurance and other products, particularly to low- and moderate-income households,” Mr. Chavern wrote. “Losing the independent contractor model will result in decreased access for consumers and economic harm to New Jersey citizens.”

Mr. Chavern’s full letter to the department is available here.

The American Council of Life Insurers is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 275 member companies represent 93 percent of industry assets in the United States.