Missouri Code of State Regulations › Title 8 - DEPARTMENT OF LABOR AND INDUSTRIAL RELATIONS › Division 10 - Division of Employment Security › Chapter 4 - Unemployment Insurance › Section 8 CSR 10-4.160 - Lessor Employing Units

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes procedures for
				  complying with the surety bond or securities aspect of section 288.032.2(2),
				  RSMo.
(1) Each lessor
				employing unit shall maintain a listing of its client lessees and a listing of
				employees leased to each client lessee. Each lessor employing unit shall file
				with its quarterly contribution and wage report the listing of its client
				lessees. The listings of client lessees and employees leased to each client
				lessees shall be available for audit and inspection by the Division of
				Employment Security.
(2) Any lessor
				employing unit desiring to post a surety bond with the Division of Employment
				Security in accordance with section 288.032.2, RSMo of the Missouri Employment
				Security Law, Chapter 288, RSMo shall execute a surety bond in the amount set
				forth in section 288.032.2, RSMo. The surety bond shall be on a form provided,
				or approved, by the division. Any bond not on the form provided by the division
				shall be submitted to the division for approval prior to its being
				executed.
(3) The surety bond must
				be issued by an insurance company licensed for bonding in the state on behalf
				of the applicant. The form must bear the seal of the insurance company, the
				effective date and be accompanied by a power of attorney letter signed by the
				attorney-in-fact and it must also contain the signature of the
				applicant.
(4) The Division of
				Employment Security may reject a surety bond issued by an insurance company
				which has been suspended by the Missouri Department of Insurance. The division
				may require a lessor employing unit which has a surety bond issued by an
				insurance company suspended by the Missouri Department of Insurance to replace
				that bond with a new surety bond issued by a company in good standing with the
				Missouri Department of Insurance. The replacement bond must be bought by the
				lessor employing unit within thirty (30) days of notification by the
				division.
(5) Any lessor employing
				unit depositing securities with the Division of Employment Security in
				accordance with section 288.032.2, RSMo shall also execute an Assignment and
				Escrow Agreement provided by the division. The agreement shall contain a
				provision in which the lessor employing unit consents to an audit of its
				records prior to the release or cancellation of the securities tendered with
				the agreement.
(6) Any securities
				deposited in a depository designated by the director of the Division of
				Employment Security pursuant to section 288.032.2, RSMo shall be accompanied by
				the signed statement of a licensed broker identifying each security and setting
				forth its current market value. Should the combined value of those deposited
				securities be less than the required amount, the lessor employing unit shall
				immediately deposit additional securities to raise the value to the required
				amount. After that, the lessor employing unit shall submit with its quarterly
				contribution and wage reports-
(A) A statement
				signed by a licensed broker setting forth the market value on the first
				business day of that month of each security so deposited; and
(B) An attestation by the broker stating that
				s/he has no interest in and is not affiliated in any way with the lessor
				employer or the corporation(s) that issued the stocks included in the market
				value statement.