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2022 New York Laws
PBH - Public Health
Article 46 - Continuing Care Retirement Communities
4605-A - Certificate of Authority; Authority to Offer Continuing Care at Home Contracts.

Universal Citation: NY Pub Health L § 4605-A (2022)
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§ 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 council 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  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
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.
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