31A-40-307. Voluntary surrender of professional employer organization license.
(1) When a professional employer organization wants to voluntarily surrender its professional employer organization license, the professional employer organization shall: notify in writing each coemployer regarding the impending loss of the following provided under the professional employer agreement: workers' compensation insurance coverage; health care benefits, if a coemployers' employee welfare plan includes fully insured or partially insured health insurance benefits; and any other insurance benefit provided to coemployers by the professional employer organization; and submit a letter of intent to voluntarily surrender the license to the commissioner: after providing the notice to coemployers under Subsection; and (1)(a) 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: the reason the professional employer organization license is being surrendered; a discussion of each process or plan to handle the obligations to coemployers and employees; a list of coemployers as of the date of the letter; a copy of the notice sent to the coemployers under Subsection; (1)(a) 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 the signature of the professional employer organization's chief executive officer or controlling individual.