§ 23-93-110. Untrue, deceptive, or misleading statements prohibited
(a) No provider shall make, publish, disseminate, circulate, or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station, or […]
§ 23-93-111. Liquid refund reserve requirement
(a) (1) Each provider shall establish and maintain liquid refund reserves in an amount determined in accordance with this section. (2) (A) The refund reserve shall be equal to or shall exceed the actuarially determined annual refund amount as of the financial reporting date. (B) The actuarially determined annual refund amount shall be calculated upon […]
§ 23-93-112. Escrow account required
(a) (1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in […]
§ 23-93-113. Statutory lien
In the event of the bankruptcy or receivership of the provider resulting from the financial difficulties of the provider, the residents of the facility shall have a statutory lien on the real and personal property of the facility. This lien shall be subordinate to liens of record prior to the date of a filing of […]
§ 23-93-114. Investigations and examinations
(a) The State Insurance Department may conduct any investigation or examination deemed necessary by the Insurance Commissioner: (1) For the public health, safety, and welfare of a resident or potential resident of a facility; (2) In response to a written complaint filed by a resident or prospective resident; (3) If it appears from the filings […]
§ 23-93-201. Definitions
As used in this subchapter: (1) “Commissioner” means the Insurance Commissioner; (2) “Department” means the State Insurance Department; (3) “Entrance fee” means a payment that assures a resident a place in a facility for a term of years or for life; (4) “Facility” means a place which provides life care; (5) “Hazardous financial condition” means […]
§ 23-93-202. Continuing Care Provider Regulation Act — Applicability
(a) In addition to this subchapter, a life care provider is subject to the Continuing Care Provider Regulation Act, § 23-93-101 et seq. (b) (1) A life care provider shall not be established, conducted, or maintained in this state without obtaining a license from the Insurance Commissioner. (2) However, a life care provider established before […]
§ 23-93-203. License not transferable — Limitation on contracts
(a) No license is transferable, and no license issued pursuant to this subchapter has value for sale or exchange as property. (b) No provider or other owning entity shall sell or transfer ownership of the facility or enter into a contract with a third-party provider for management of the facility unless the State Insurance Department […]
§ 23-93-204. Issuance of license
The State Insurance Department shall issue a license upon its affirmative determination that all of the following requirements have been met: (1) The provider can fulfill its obligation under the life care contract if the resident complies with the terms of the offer; (2) There is reasonable assurance that all proposed improvements can be completed […]
§ 23-93-205. Violations
(a) The license of a provider shall remain in effect until revoked after notice and hearing upon written finding of fact by the State Insurance Department that the provider has: (1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter; (2) Failed to file an annual disclosure statement or standard […]