(1) The Insurance Commissioner may provide by rule for the acceptance of an employer service assurance organization affidavit provided on behalf of a professional employer organization in lieu of the requirements under §§ 23-92-404 — 23-92-406 and 23-92-408 and the fees provided for in § 23-92-407.
(2) The fee for filing an employer service assurance organization affidavit shall be five hundred dollars ($500) for initial licensure and five hundred dollars ($500) for each biennial renewal.