§ 23-93-101. Title

This subchapter shall be known and may be cited as the “Continuing Care Provider Regulation Act”.

§ 23-93-102. Legislative intent — Applicability

(a) The General Assembly recognizes that continuing care communities have become an important and necessary alternative for the long-term residential, social, and health maintenance needs for many of the state’s elderly citizens. (b) The General Assembly recognizes the need for full disclosure of important facts to an appropriate regulatory agency of the state. Accordingly, the […]

§ 23-93-103. Definitions

As used in this subchapter: (1) “Commissioner” means the Insurance Commissioner; (2) (A) “Continuing care” means the furnishing of independent living units to individuals and: (i) Furnishing nursing care or personal care services under an agreement, whether the nursing care or personal care services are provided in the facility or in another setting designated by […]

§ 23-93-104. Violations

(a) Whenever it appears to the Insurance Commissioner that any person has engaged in, or is about to engage in, any act or practice constituting a violation of any provision of this subchapter or any rule or order under this subchapter, the commissioner may: (1) Issue an order directed at that person requiring that person […]

§ 23-93-105. Rules

The Insurance Commissioner shall have the authority to adopt, amend, or repeal such rules as are reasonably necessary for the enforcement of the provisions of this subchapter.

§ 23-93-106. Disclosure statement — Contents

(a) No later than sixty (60) days prior to the first solicitation of a contract to provide continuing care, the provider shall deliver an initial disclosure statement to the State Insurance Department. This statement shall contain all of the following information: (1) The name and business address of the provider and a statement as to […]

§ 23-93-107. Disclosure statement — Review

(a) The State Insurance Department shall review the filed disclosure document for the following: (1) The completeness of the filing; and (2) The manner and method of computing the reserve. (b) The Insurance Commissioner shall notify a provider of any deficiency in the filing within sixty (60) days from the date of filing. If the […]

§ 23-93-108. Continuing care contracts — Minimum requirements

(a) A continuing care contract shall be written in clear and understandable language. (b) A continuing care contract shall, at a minimum: (1) Describe the facility’s admission policies, including age, health status, and minimum financial requirements, if any; (2) Describe the health and financial conditions required for a person to continue to be a resident; […]

§ 23-93-109. Right to rescind contracts

For a seven-day period beginning on the date a provider receives any payment from a prospective resident, a prospective resident shall have the right to rescind any contractual obligation into which he or she has entered and receive a full refund of any moneys transferred to the provider.

§ 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 […]