Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-193 - CONTINUING CARE CONTRACTS
Section 69O-193.066 - Corrective Action Plan

Universal Citation: FL Admin Code R 69O-193.066

Current through Reg. 50, No. 187; September 24, 2024

(1) The Office shall approve a corrective action plan submitted pursuant to Section 651.034, F.S., if the plan includes:

(a) A statement of the fundamental problems causing the regulatory action level event to occur;

(b) A description of the pricing, operational, or other changes to be made that are reasonably expected to result in the elimination of the regulatory action level event;

(c) A specific reasonable time schedule for implementation of the changes described in paragraph (1)(b);

(d) Occupancy projections for three years broken down by level of care;

(e) A financial forecast or projected financial statements for three years demonstrating the effect of the proposed changes;

(f) A forecast or projection of the debt service coverage ratio and days cash on hand for the periods included in the financial forecast or projected financial statements, which may be included in the financial forecast or projected financial statements or provided as a separate document; and

(g) Key assumptions supporting the financial forecast or projected financial statements.

(2) The Office shall accept and approve a document prepared for a lender or other third party by the provider or a consultant as the required corrective action plan if the document complies with paragraph (1) of this rule and is accompanied by a sworn statement of the provider that it is a full and true representation of the provider's plan for coming into compliance with Chapter 651, F.S.

Rulemaking Authority 651.015(3), 651.034(7) FS. Law Implemented 651.034 FS.

New 3-12-20.

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