§ 4605-A — Certificate of authority; authority to offer continuing care at home contracts

§ 4605-a. Certificate of authority; authority to offer continuing care\nat home contracts. A continuing care retirement community may offer\ncontinuing care at home contracts upon approval by the commissioner to\namend the continuing care retirement community's certificate of\nauthority. In order to qualify for an amendment to its certificate of\nauthority, the continuing care retirement community shall submit to the\ncommissioner the following:\n 1. a business plan to the commissioner that includes the following:\n (a) a description of the continuing care at home services that will be\nprovided, the market that will be served by the continuing care at home\ncontracts, and the fees to be charged to prospective continuing care at\nhome contract holders;\n (b) a copy of the proposed continuing care at home contract; and\n (c) an actuarial study prepared by an independent actuary in\naccordance with standards adopted by the American Academy of Actuaries\ndemonstrating the impact that the continuing care at home contracts will\nhave on the overall operations of the continuing care retirement\ncommunity and further demonstrating that the addition of continuing care\nat home contracts will not jeopardize the financial solvency of the\ncontinuing care retirement community.\n 2. a market feasibility study demonstrating to the commissioner\nsufficient consumer interest in continuing care at home contracts and\nfurther demonstrating that the addition of continuing care at home\ncontracts will not have an adverse impact on the provision of services\nto continuing care retirement contract holders.\n 3. materials that meet all requirements established by the department.\n 4. a copy of the notification sent to continuing care retirement\ncontract holders describing the anticipated impact of the addition of\ncontinuing care at home contracts on continuing care retirement\ncommunity resources and proof that such notification has been\ndistributed to all continuing care retirement contract holders.\n