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23-92-414. Employer service assurance organization affidavit.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-414. Employer service assurance organization affidavit.
(a) The Insurance Commissioner may provide by rule for the acceptance of an employer service assurance organization affidavit provided on behalf of a professional employer organization in lieu of the requirements under §§ 23-92-404 — 23-92-406 and 23-92-408 and the fees provided for in § 23-92-407.
(b) The fee for filing an employer service assurance organization affidavit shall be five hundred dollars ($500) for initial licensure and five hundred dollars ($500) for each biennial renewal.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-414
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-92-414
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d054c701345aa7e24e12be0c39a04b708363ce803ae6593fd700848d1a484a68
Source location: content.xml paragraph 56044
Stored source content
23-92-414. Employer service assurance organization affidavit.
(a) The Insurance Commissioner may provide by rule for the acceptance of an employer service assurance organization affidavit provided on behalf of a professional employer organization in lieu of the requirements under §§ 23-92-404 — 23-92-406 and 23-92-408 and the fees provided for in § 23-92-407.
(b) The fee for filing an employer service assurance organization affidavit shall be five hundred dollars ($500) for initial licensure and five hundred dollars ($500) for each biennial renewal.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-404. Licensing and renewal.
(a) Except as otherwise provided in this subchapter, no person shall provide, advertise, or otherwise hold itself out as providing professional employer services in Arkansas unless the person is licensed as a professional service organization under this subchapter.
(b)(1) Each professional employer organization required to be licensed under this subchapter shall provide the Insurance Commissioner information required by the commissioner on forms prescribed by the commissioner.
(2) The information required under subdivision (b)(1) of this section shall include the following information:
(A) The legal name of the professional employer organization and all other names under which the professional employer organization conducts business;
(B) The address of the principal place of business of the professional employer organization and the address of each office it maintains in Arkansas;
(C) The professional employer organization's taxpayer or employer identification number;
(D) A list by jurisdiction of each name under which the professional employer organization has operated in the preceding five (5) years, including any fictitious names, alternative names, names of predecessors, and, if known, successor business entities;
(E) A statement of ownership that shall include the name and evidence of the business experience of all controlling persons;
(F) A statement of each controlling person disclosing any interest in any other professional employer organization, whether licensed or not in Arkansas, in which the controlling person has a ten percent (10%) or greater interest;
(G) A statement of management, which shall include the name and evidence of the business experience of any person who serves as president or chief execut
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-92-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-406. Changes in control.
(a)(1) A license issued to any professional employer organization under this subchapter may not be transferred or assigned.
(2) A licensee may not operate an entity subject to licensing under this subchapter under any name or at any location other than that specified in the application for the license or without having received the prior written consent of the Insurance Commissioner.
(3) The commissioner may adopt additional rules to provide for a licensee's change of name or location.
(b)(1) A person or entity that seeks to purchase or acquire control of an entity licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership unless the licensed entity to be acquired is a publicly traded entity, in which event the acquiring entity shall apply to the commissioner for a certificate of approval for the proposed change of ownership at the time the licensed entity publishes public notice of the intended purchase or acquisition of control.
(2) The application under subdivision (b)(1) of this section shall contain the name and address of the proposed new owner, controlling person, and any other information required by the commissioner.
(c)(1) Any existing stockholder or partner who intends to acquire control of an existing entity that is licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership.
(2) The application shall contain the name and address of any stockholder or partner who owns ten percent (10%) or more of the entity and who seeks to acquire control, and any other information required by the commissioner.
(d)(1) Before recommending that a certificate of approval be issued
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-406
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-92-406. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-407. Fees.
(a) Upon filing an initial licensing statement under this subchapter, a professional employer organization shall pay an initial licensing fee of one thousand dollars ($1,000).
(b) Upon each biennial renewal of a licensing statement filed under this subchapter, a professional employer organization shall pay a renewal fee of one thousand dollars ($1,000).
(c) Each professional employer organization exempt from licensing under the terms of this subchapter shall pay an exemption fee in the amount of fifty dollars ($50.00) upon initial application for exemption and upon each biennial renewal of the exemption.
(d) Upon the filing of each request for a change in ownership or controlling person filed under this subchapter, a professional employer organization shall pay a change-in-ownership fee of five hundred dollars ($500).
(e) By rule, the Insurance Commissioner may increase, decrease, or eliminate any fee provided for in this section, but no fee provided for in this section shall ever exceed five thousand dollars ($5,000).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-407
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-92-407. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-408. Financial assurance required.
(a) Each professional employer organization shall maintain:
(1) An audited minimum net worth of at least one hundred thousand dollars ($100,000), as reflected in the financial statements submitted to the Insurance Commissioner with the initial licensing, and annually thereafter; or
(2)(A) A bond in the amount of at least one hundred thousand dollars ($100,000).
(B) The terms and conditions of the bond shall be approved by the commissioner.
(C) The bond shall be conditioned so that the licensee and each member, employee, shareholder, or officer of a person, firm, partnership, corporation, or association operating as an agent of the licensee shall not:
(i) Violate the provisions of this subchapter or violate rules or orders lawfully promulgated by the commissioner under this subchapter; or
(ii) Fail to pay any wages due under any contract made by the licensee in the conduct of its business subject to this subchapter.
(D) The bond required by this section shall be a surety bond issued by a corporate surety or insurer authorized to do business in Arkansas.
(E) In lieu of a bond, the professional employer organization may deposit either:
(i) Securities with a minimum market value of at least one hundred thousand dollars ($100,000) with an approved depository under an approved depository agreement under § 23-69-134(b)(4); or
(ii) An irrevocable letter of credit in a face amount of not less than one hundred thousand dollars ($100,000) in a form that is acceptable to the commissioner.
(F) The bond, deposited securities, or letter of credit shall secure payment by the professional employer organization of all taxes, wages, benefits, or other entitlement due to or with respect to a covered employee if the profession
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-408
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-92-408. This identifies an authority to review, not proof of applicability.