(1) No person may engage in the business of providing continuing care, limited continuing care, continuing care at home, issue continuing care agreements in Georgia, or hold oneself out to the public as a provider without first obtaining a valid certificate of authority issued by the Commissioner of Insurance.
(2) Each applicant shall file with the Commissioner an application for a certificate of authority upon a form to be furnished by the Commissioner, which will be available on the Georgia Insurance Department's website. Such application shall include or have attached the following information and documents:
(a) All basic organizational documents of the applicant, including, but not limited to, the articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, membership agreement, or other applicable documents, and all amendments to those documents;
(b) The bylaws, rules and regulations or similar documents regulating the conduct or the internal affairs of the applicant;
(c) Proof from the Georgia Secretary of State's Office that the applicant is qualified to do business in this state;
(d) Organizational chart that accurately reflects the relationship of the applicant to any parent, subsidiary, or affiliated person or organization;
(e) A list of all individuals who are the officers, directors, partners, members, administrators, stockholders owning more than 10 percent of the stock of the applicant, or any person occupying a similar position or performing similar duties or functions, as applicable. Include the full name, business address and position held for each of these individuals. Also include a list containing the same information for any parent or affiliated person or organization that is controlling, controlled by, or under common control with the applicant;
(f) A biographical affidavit and background report for each natural person listed in Regulation 120-2-51-.04(2)(e) above;
(g) Copies of proposed agreements to be used in furnishing continuing care, including but not limited to continuing care agreements and escrow agreements; disclosure statements; addenda; and amendments;
(h) A list of all Facilities currently or previously owned, managed or developed by applicant, an affiliate of applicant, or any principal thereof. Provide the name, address, city and state of each Facility listed and explain the Facility's existing or past relationship with applicant, an affiliate of applicant, or any principal thereof. Specify the current status of each Facility listed and include any administrative actions or financial problems that existed while applicant, an affiliate of applicant, or any principal thereof, was associated with the Facility, including any such occurrences up to one year after the relationship was terminated;
(i) The latest financial statement, audited by an independent CPA, of the applicant and any parent company. Also include the latest unaudited financial statements attested to by the Chief Financial Officer for each quarter ended subsequent to the date of the last audit;
(j) Fee as provided in O.C.G.A. Section 33-8-1 for a continuing care provider; and
(k) Any other materials the Commissioner deems necessary to adequately assess the merits of the application.
(3) Upon issuance, a license pursuant to this Regulation is valid until June 1, and is to be renewed annually on or before May 31 of the first year issued, and each year thereafter, on a form to be prescribed by the Commissioner. This form will be available on the Georgia Insurance Department's website prior to May 31 each year. Failure to file a renewal application, and any required documents or information, on or before May 31 will result in the non-continuance of the license. Licensees that fail to renew their licenses in a timely manner and that desire to be relicensed will be required to reapply. Along with the renewal application, each licensed provider shall file the following with the renewal package:
(a) An annual statement to be submitted on a form prescribed by the Commissioner, which shall be available on the Georgia Insurance Department's website;
(b) Annual revised disclosure statement pursuant to O.C.G.A. Section 33-45-6;
(c) An actuary's opinion as to the actuarial financial condition of the provider's continuing care or limited continuing care operations, which shall include, but not be limited to, an estimate of the capacity of the provider to meet its contractual obligation to the residents or prospective residents with consideration given to expected rates of mortality and morbidity, expected refunds, and expected capital expenditures, unless the provider requests in writing an exemption from this requirement and the Commissioner determines that there is good cause to permit such request; and
(d) Fee as provided in O.C.G.A. Section 33-8-1 for a continuing care provider.
(4) Should a licensed provider revise or amend any agreements submitted pursuant to Regulation 120-2-51-.04(2)(g), such revisions or amendments must be submitted to the Department for approval prior to being used by the provider.
O.C.G.A. §§
33-1-2, 33-2-9, 33-45-4, 33-45-5, 33-45-6, 33-45-7.
