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PEOs
Regulators

Save time and money….

Converting manual, paper-based processes into electronic, web-based processes has the potential to create substantial savings of time and money for both PEOs and regulators. Also, to the extent that regulatory agencies can agree to standardize the reporting formats and timing of identical or similar compliance requirements, this will greatly reduce the cost of automating the compliance process, as well as make the process more efficient and reliable for PEOs and regulators.

The insurance industry provides successful examples of how state registration and licensing can be made more efficient and reliable. In 1996 the National Association of Insurance Commissioners initiated efforts with the states and insurance trade associations to standardize and automate both insurance producer and insurance company filings. In 2011 NIPR processed over 9 million electronic filings for insurance producers and SERFF processed over 550 thousand filings for 3400 insurance companies. SERFF electronic filings are accepted by all states and required by 29 states.

While the PEO industry is not nearly as large or as highly regulated as the insurance industry, the potential exists for substantial savings of time and money and increases in compliance reliability by providing PEOs with electronic tools to help track and complete compliance requirements and by working cooperatively with state agencies to standardize the reporting format and timing of similar regulatory requirements.


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