Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 145 - Regulation Number 102-Approved Assurance Organizations
Section XIII-14507 - Qualifications for Approval of an Assurance Organization
Universal Citation: LA Admin Code XIII-14507
Current through Register Vol. 50, No. 9, September 20, 2024
A. 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; and
4. 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; and
c. the PEO and all related PEO entities meet
the assurance organizations ethical, financial, and operational standards,
including compliance with applicable state and federal laws.
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.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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