N.Y. Public Health Law § 4605-a: Certificate of authority; authority to offer continuing care at home contracts

§ 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 and the superintendent 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 and

the superintendent 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 New York

state department of financial services.

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.