(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
33-8-1for 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 33-8-1for 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.
