New Indiana surety law affects professional employer organizations within the state. The new law is named HB 1486 and modifies the financial requirements concerning professional employer organizations. Previous legislation required a professional employer organization to sustain a minimum net worth of $50,000 or acquire a minimum bond of $50,000. HB 1486 requires the professional employer organization to sustain a positive working capital; if it can’t it must obtain a surety bond to make up for the deficit, and an additional $100,000.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.