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Utah Code Title 31A. Insurance Code § 31A-40-307. Voluntary surrender of professional employer organization license

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) When a professional employer organization wants to voluntarily surrender its professional employer organization license, the professional employer organization shall:

(a) notify in writing each coemployer regarding the impending loss of the following provided under the professional employer agreement:

(i) workers' compensation insurance coverage;

(ii) health care benefits, if a coemployers' employee welfare plan includes fully insured or partially insured health insurance benefits; and

(iii) any other insurance benefit provided to coemployers by the professional employer organization; and

(b) submit a letter of intent to voluntarily surrender the license to the commissioner:

(i) after providing the notice to coemployers under Subsection (1)(a); and

(ii) not less than 45 days before the day on which the professional employer organization surrenders its professional employer organization license.

(2) The letter of intent to voluntarily surrender a professional employer organization license shall include the following:

(a) the reason the professional employer organization license is being surrendered;

(b) a discussion of each process or plan to handle the obligations to coemployers and employees;

(c) a list of coemployers as of the date of the letter;

(d) a copy of the notice sent to the coemployers under Subsection (1)(a);

(e) certification that the professional employer organization has notified the coemployers located in Utah of the professional employer organization's intent to cease doing business in Utah; and

(f) the signature of the professional employer organization's chief executive officer or controlling individual.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-40-307. Voluntary surrender of professional employer organization license - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-40-307/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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