West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-85 - Professional Employer Organizations › Section 114-85-3 - Licensing and Renewal Requirements

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. After
				July 31, 2009, no person may provide, advertise or otherwise hold himself, herself,
				or itself out as providing professional employer organization services to employers
				in this state without first obtaining a license pursuant to W. Va. Code §
									33-46A-4 and
				this rule.
3.2. Each applicant for a PEO
				license shall provide the West Virginia Insurance Commissioner ("Commissioner") with
				the following information:
3.2.a. Fully completed
				PEO licensing application;
3.2.b.
				Application fee of $200, and an annual report fee of $100;
3.2.c. The name or names under which the PEO
				conducts business;
3.2.d. The address of
				the PEO's principal place of business and the address of each office it maintains in
				this state. The address of the principal place of business provided will be the
				address of record and any correspondence from the Commissioner will be directed
				there unless the applicant requests that another address be used for such purposes;
				changes to the address of record shall be promptly communicated to the
				Commissioner;
3.2.e. The PEO's taxpayer
				or employer identification number;
3.2.f. A list by jurisdiction of each name under
				which the PEO has operated in the preceding five (5) years, including any
				alternative names, names of predecessors and successor business entities;
3.2.g. A statement of ownership, which must
				include the names and business experience of any person who, acting individually or
				in concert with one or more other persons, owns or controls, directly or indirectly,
				twenty-five percent (25%) or more of the equity interests of the PEO.
3.2.h. A statement of management which includes
				the name and evidence of business experience of any person who serves as a
				president, chief executive officer or otherwise has the authority to act as a senior
				executive officer of the PEO.
3.2.i. The
				PEO's most recent audited financial statement setting forth the financial condition
				of the PEO or PEO Group, which may not be older than thirteen (13) months, performed
				by a CPA licensed in the jurisdiction in which the CPA is located;
3.2.j. Proof of financial responsibility in the
				form of $100,000 in working capital, as defined by generally accepted accounting
				principles and as reflected in financial statements submitted to the Commissioner.
				As an alternative, a PEO may provide a bond, irrevocable letter of credit or
				securities with a minimum market value of $100,000 to the Commissioner;
3.2.k. A complete and current listing of all
				client-employers located in West Virginia or who have covered employees in West
				Virginia; and
3.2.l. If the applicant is
				a corporation, a certified copy of the corporation's Articles of Incorporation filed
				with the Secretary of State of West Virginia must be submitted to the Commissioner.
				If the applicant is a partnership, a copy of the Partnership Agreement or an
				affidavit signed by all partners that no written partnership exists must be
				submitted to the Commissioner. If the applicant is a limited partnership they must
				additionally provide and file a certified copy of its Certificate of Limited
				Partnership to the Commissioner. If the applicant is a non-resident, then a
				certificate of authority to do business in the state, issued by the Secretary of
				State, must be submitted to the Commissioner.