Professional Employer Organization - PEO Review and Commentary
North Carolina House Insurance Committee Endorses PEO Amendment

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Article Title: North Carolina House Insurance Committee Endorses PEO Amendment - Source: North Carolina Legislature - 7/7/2009

The North Carolina House Insurance Committee has endorsed an amendment that would allow PEOs to continue to sponsor self-funded insurance plans. In the wake of the demise of the Castleton Group, the North Carolina department of Insurance sought regulatory changes that require PEOs operating in NC to post a $500K bond and eliminated the ability of PEO to offer self-funded insurance plans. Efforts to change the prohibition on self funded plans is underway, however the new additional PEO bonding requirement appears to be a new requirement in North Carolina that will stand. - A BILL TO BE ENTITLED - AN ACT TO AMEND THE NORTH CAROLINA PROFESSIONAL EMPLOYER ORGANIZATION ACT CONCERNING BONDING PROVISIONS AND MAINTENANCE OF EMPLOYEE BENEFITS, AND TO CLARIFY THE APPLICATION OF TAX CREDITS AND OTHER INCENTIVES TO PROFESSIONAL EMPLOYER ORGANIZATIONS.

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