"Professional employer agreement" means a written contract between a person and a professional employer organization:

1. (1) under which all or a majority of the person's employees become covered employees;
2. (2) that provides for the allocation of employer rights and obligations between the person and the professional employer organization with respect to the covered employees; and
3. (3) that specifies the professional employer services that will be provided.

As added by P.L.245-2005, SEC.7.