28 Tex. Admin. Code § 13.540 - Governance and Operation of Approved PEO
(a) Management of approved PEO. An approved
PEO must be managed by competent and trustworthy individuals. An individual
responsible for risk management, financial reporting, underwriting, claims, or
investment functions of the plan and trust must be eligible for licensure based
on the guidelines established in Chapter 1, Subchapter D of this title
(relating to Effect of Criminal Conduct) and hold any necessary licenses as
required by the Insurance Code.
(b)
Initial plan administration. An approved PEO must contract with a third party
administrator to perform the day-to-day operations of the plan until the plan's
trustees have contracted with a third party administrator to perform the
day-to-day operations of the plan as provided in §
13.555 of this title (relating to
Trustees' Responsibility and Authority).
(c) Location of books and records. An
approved PEO may request to maintain the plan and trust's books and records
outside this state in compliance with Insurance Code Chapter 803.
Notes
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