760 IAC 1-73-2 - Registration requirements
Authority: IC 27-16-4-7; IC 27-16-5-4; IC 27-16-5-6; IC 27-16-8-4
Affected: IC 27-16
Sec. 2.
(a) A PEO
doing business in Indiana must be registered with the department. The PEO shall
submit an application on a form prescribed by the department. The application
shall include the following information:
(1)
The name or names under which the applicant conducts business.
(2) A copy of the applicant's articles of
incorporation or other business organization documents.
(3) The address of:
(A) the principal place of business of the
applicant; and
(B) each office the
applicant maintains in Indiana.
(4) The applicant's taxpayer or employer
identification number.
(5) A list
by jurisdiction of each name under which the applicant has operated in the
preceding five (5) years, including any:
(A)
alternative names;
(B) names of
predecessors; and
(C) if known,
successor business entities.
(6) A detailed explanation of any adverse
regulatory actions taken by any state or federal regulatory law enforcement or
regulatory agency against the applicant. An adverse regulatory action means
any:
(A) criminal conviction;
(B) regulatory fine;
(C) cease and desist order;
(D) prohibition order; or
(E) suspension, probation, or revocation of a
license or registration.
(7) A list of each person that, individually
or acting in concert with one (1) or more other persons, owns or controls,
directly or indirectly, twenty-five percent (25%) or more of the equity
interests of the applicant.
(8) The
name and business experience of any individual who:
(A) serves as president or chief executive
officer; or
(B) otherwise has the
authority to act as senior executive officer of the applicant.
If the PEO maintains a health benefit plan that is not fully insured, the application shall include NAIC biographical affidavits of any managerial person for the health benefit plan.
(9) A financial statement reviewed by an
independent person for the applicant's most recent fiscal year prepared:
(A) in accordance with generally accepted
accounting principles; and
(B) by
an independent certified public accountant licensed to practice in the
jurisdiction in which the accountant is located.
A PEO that maintains a health benefit plan that is not fully insured shall submit a financial statement that is audited rather than reviewed.
(10) A
statement of whether the applicant intends to provide health benefits to its
employees and whether the health benefits will be fully insured or not fully
insured.
(A) If the health benefits will be
fully insured, the PEO shall provide the following information:
(i) The name of the insurance
company.
(ii) The insurance
producer through which the coverage was purchased.
(iii) The effective dates of the
coverage.
(B) If the
health benefits will not be fully insured, the applicant must provide proof of
compliance with section 7 of this rule.
(11) Verification that the applicant complies
with the workers compensation laws of Indiana and a list of its Indiana
clients.
(12) Verification that the
PEO has a minimum net worth of fifty thousand dollars ($50,000) or a bond
approved by the department with a market value of at least fifty thousand
dollars ($50,000). The bond must be held by a depository designated by the
department securing payment by the PEO of all taxes, wages, benefits, or other
entitlements due to or with respect to employees in the event the PEO does not
make the payment when due. A PEO that maintains a health benefit plan that is
not fully insured must have a fidelity bond even if it has a minimum net worth
of fifty thousand dollars ($50,000). The fidelity bond shall cover all persons
with responsibility for the health benefit plan covering acts of dishonesty in
the greater of the following amounts based upon the expected amounts for the
upcoming fiscal year:
(A) Ten percent (10%) of
the premiums and contributions received by the health benefit plan.
(B) Ten percent (10%) of the claims
paid.
(b) The
application shall be accompanied by a fee of five hundred dollars
($500).
(c) If there is a material
change to any of the information required by the application, the PEO shall
provide updated information to the department within thirty (30) days of the
change. A PEO that fails to inform the department of a material change:
(1) is subject to administrative action;
and
(2) may be subject to a
penalty, probation, suspension, or revocation of the PEO's
registration.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.