Section 43-55-07 - Benefit plans1. Both a client and a professional employer organization are deemed to be an employer for purposes of sponsoring retirement and welfare benefit plans for a covered employee.2. A fully insured welfare benefit plan offered to the covered employees of a professional employer organization is considered a single employer welfare benefit plan and may not be considered a multiple employer welfare arrangement.3. For purposes of chapter 26.1-36.3, a professional employer organization is considered the employer of all of its covered employees, and all covered employees of any client participating in a health benefit plan sponsored by a single professional employer organization are considered employees of the professional employer organization.4. If a professional employer organization offers to its covered employees any health benefit plan that is not fully insured by an authorized insurer, the plan must: a. Utilize an authorized third-party administrator;b. Hold all plan assets, including participant contributions, in a trust account;c. Provide sound reserves for the plan as determined using generally accepted actuarial standards; andd. Provide written notice to each covered employee participating in the benefit plan that the plan is self-insured or is not fully insured.