{"id":1353,"date":"2014-01-25T22:25:40","date_gmt":"2014-01-25T22:25:40","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1353"},"modified":"2017-01-03T16:20:32","modified_gmt":"2017-01-03T16:20:32","slug":"indiana-professional-employer-organization-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/indiana-professional-employer-organization-surety-bond\/","title":{"rendered":"Indiana Professional Employer Organization Surety Bond"},"content":{"rendered":"

In order to provide professional job placement services in Indiana an applicant must register with the Commissioner of Insurance and provide an Indiana Professional Employer Organization surety bond<\/a>\u00a0<\/strong><\/span>or attest to the satisfaction of the Commissioner that the registrant possess appropriate levels of working capital. \u00a0The state statute IC 27-16-2-13 defines a “Professional employer organization” or “PEO” as a person engaged in the business of providing professional employer services. \u00a0Those services are further defined in Section 4-1 as \u00a0a staff leasing company, registered staff leasing company, employee leasing company, or administrative employer.<\/p>\n

The professional employer organization surety bond<\/a><\/strong> is a new requirement which became effective as of January 1st, 2014. \u00a0IC 27-16-6-1 defines the financial requirements of the PEO. \u00a0Pursuant to Sec. 1. (a) A PEO or PEO group shall do one (1) of the following: \u00a0(1) Maintain positive working capital, as reflected in the financial statement submitted to the department by the PEO or PEO group under IC 27-16-4., or, . . . (2) provide a surety bond<\/strong> with a minimum aggregate value in an amount that is at least sufficient to eliminate the PEO’s or PEO group’s negative working capital PLUS one hundred thousand dollars ($100,000).<\/p>\n

The Department of Insurance offers three levels of registration for an Indiana professional employer organization. \u00a0Full registration is for a PEO that is domiciled in Indiana or is located in a state whose licensure or registration requirements are not substantially similar or more restrictive pursuant to IC 27-16-4-6. \u00a0Limited registration is reserved for a PEO that is domiciled, licensed or registered in a state other than Indiana, but said state has registration requirements that are substantially similar or more restrictive pursuant to IC 27-16-4-6. \u00a0Certified registration is only issued to such PEOs that are approved by an Independent National Organization.\u00a0 Employer Services Assurance Corporation (ESAC) is an approved Independent National Organization for certifying PEO applicants for registration in Indiana. \u00a0Presently, the regulating statute does not seem offer a waiver of the Indiana professional employer organization surety bond<\/a><\/strong><\/span> or working capital requirements for any of the three levels of registration. \u00a0Questions about the registration process and surety bonding<\/strong> \/ working capital requirements can be directed the appropriate department of the DoI, as follows:<\/p>\n

COMPANY REGISTRATIONS
\nFINANCIAL SERVICE DIVISION
\nINDIANA DEPARTMENT OF INSURANCE
\n311 WEST WASHINGTON STREET, SUITE 300
\nINDIANAPOLIS, INDIANA 46204<\/p>\n

The division website also offers a specific contact for this information: \u00a0Annette Gunter (317) 232-2428 or by email agunter@idoi.in.gov.<\/p>\n

Indiana surety leader<\/strong>,\u00a0Surety One, Inc.\u00a0is a specialist in the bonding needs of the temporary employment and professional employer services industry. \u00a0We offer both surety and fidelity bonds needed by these professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email us at\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0Indiana PEO surety bond<\/strong>\u00a0application or information on ANY surety or fidelity bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"

In order to provide professional job placement services in Indiana an applicant must register with the Commissioner of Insurance and provide an Indiana Professional Employer Organization surety bond\u00a0or attest to the satisfaction of the Commissioner that the registrant possess appropriate… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1660,1659,1658,1662,1661,1663],"yoast_head":"\nIndiana Professional Employer Organization Surety Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/indiana-professional-employer-organization-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiana Professional Employer Organization Surety Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"In order to provide professional job placement services in Indiana an applicant must register with the Commissioner of Insurance and provide an Indiana Professional Employer Organization surety bond\u00a0or attest to the satisfaction of the Commissioner that the registrant possess appropriate... 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