HB 2078 Summary

• Modifies requirements for Professional Employer Organizations (PEOs) and PEO Groups to register in Oklahoma, allowing use of qualified assurance organizations to help with registration compliance and fee payments.

• Adds A.M. Best Company financial strength rating requirement of B+ or better to demonstrate PEO financial stability, or allows alternative compliance through state licensing in jurisdictions with equal/greater requirements plus quarterly financial statements.

• Establishes approval process for independent assurance organizations to certify PEO qualifications, with requirements for national accreditation programs, compliance monitoring, and timely notification to the Commissioner of PEO failures.

• Allows PEOs to use electronic filing for applications, documents, and reports in compliance with Oklahoma's Uniform Electronic Transactions Act.

• Becomes effective November 1, 2011.