West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-85 - Professional Employer Organizations
Section 114-85-4 - Combined or Consolidated Licenses

Universal Citation: 114 WV Code of State Rules 114-85-4

Current through Register Vol. XLI, No. 38, September 20, 2024

4.1. PEOs in a PEO group may satisfy the financial and reporting requirements of W. Va. Code §33-46A on a combined or consolidated basis by filing a combined or consolidated application for a license of multiple PEOs majority-owned by the same parent, entity or persons and may do so on forms prescribed and approved by the Commissioner.

4.1.a. A subsidiary corporation may submit with its license application the combined or consolidated financial statement of its parent corporation in lieu of its own along with a parental guarantee.

4.1.b. Multiple PEOs may only file reports and meet financial requirements on a combined or consolidated basis if each company that is part of the multiple employer organization group provides a guarantee of the obligations of W. Va. Code § 33-46A-1 et seq. of each other member of the group.

4.1.c. Such a guarantee may be in the form of an indemnification agreement or a resolution of the board of directors of the parent company authorizing the guarantee of workers' compensation, unemployment tax liabilities and other obligations of a subsidiary PEO in the combined or consolidated license.

4.1.d. Each PEO involved in a combined or consolidated license must pay a separate application fee.

4.2. PEOs applying for a PEO Group license must submit evidence showing that the professional employer organizations that are commonly held in the PEO Group is held under common control of a person or entity in the PEO Group. This can be documented by submission of a corporate registration, shareholder report, corporate resolution or interest holder report.

4.3. Any incomplete application, as determined by the Commissioner, that remains incomplete for a period of four (4) months from the date of notice from the Commissioner that the application is incomplete will be considered withdrawn and new application and application fees will be required. An existing license, not suspended, revoked or otherwise limited by the Commissioner, shall remain in effect during the review of a renewal application by the Commissioner.

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