Legislation

§ 4605-a. Certificate of authority; authority to offer continuing care
at home contracts. A continuing care retirement community may offer
continuing care at home contracts upon approval by the commissioner to
amend the continuing care retirement community's certificate of
authority. In order to qualify for an amendment to its certificate of
authority, the continuing care retirement community shall submit to the
commissioner the following:

1. a business plan to the commissioner that includes the following:

(a) a description of the continuing care at home services that will be
provided, the market that will be served by the continuing care at home
contracts, and the fees to be charged to prospective continuing care at
home contract holders;

(b) a copy of the proposed continuing care at home contract; and

(c) an actuarial study prepared by an independent actuary in
accordance with standards adopted by the American Academy of Actuaries
demonstrating the impact that the continuing care at home contracts will
have on the overall operations of the continuing care retirement
community and further demonstrating that the addition of continuing care
at home contracts will not jeopardize the financial solvency of the
continuing care retirement community.

2. a market feasibility study demonstrating to the commissioner
sufficient consumer interest in continuing care at home contracts and
further demonstrating that the addition of continuing care at home
contracts will not have an adverse impact on the provision of services
to continuing care retirement contract holders.

3. materials that meet all requirements established by the department.

4. a copy of the notification sent to continuing care retirement
contract holders describing the anticipated impact of the addition of
continuing care at home contracts on continuing care retirement
community resources and proof that such notification has been
distributed to all continuing care retirement contract holders.