Current through Register Vol. 50, No. 9, September 20, 2024
Section XIII-14507 - Qualifications for Approval of an Assurance OrganizationA. Any assurance organization that intends to be approved by the commissioner for authorization to transact business on behalf of a professional employer organization in the state of Louisiana shall apply for and obtain the approval of the commissioner.B. To be considered for approval, the assurance organization shall submit a written request for approval to the commissioner which shall include:1. evidence that the assurance organization is independent and has an established program for the accreditation and financial assurance of a professional employer organization;2. evidence that the assurance organization has documented qualifications, standards, procedures and financial assurance acceptable to the commissioner to certify the qualifications of a professional employer organization;3. the agreement of the assurance organization to provide the information, compliance monitoring services, and level of financial assurance acceptable to the commissioner and to share with the department in a timely manner the information and supporting documentation provided to the assurance organization by a professional employer organization that equals or exceeds the requirements for registration or renewal of registration under R.S. 22:1741 through R.S. 22:1751; and4. the agreement of the assurance organization that it will use a comprehensive online application, quarterly compliance reporting, and an ongoing compliance monitoring process for PEO accreditation that ensures that: a. the PEO is owned and operated by controlling persons with a history of honesty, law abidance, and responsible financial dealings both personally and in business;b. the PEO and all related entities under common control are financially solvent and have positive working capital sufficient to sustain operations; andc. the PEO and all related PEO entities meet the assurance organizations ethical, financial, and operational standards, including compliance with applicable state and federal laws.La. Admin. Code tit. 37, § XIII-14507
Promulgated by the Department of Insurance, Office of the Commissioner, LR 40:2592 (12/1/2014).AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11, R.S. 22:1750, R.S. 22:1751, and the Administrative Procedure Act, R.S. 49:950 et seq.