(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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