FL Stat § 651.034 (2021)
2021 Florida Statutes|Title XXXVII - Insurance|Chapter 651 - Continuing Care Contracts|651.034 - Financial and Operating Requirements for Providers.

651.034 Financial and operating requirements for providers.—(1)(a) If a regulatory action level event occurs, the office must:1. Require the provider to prepare and submit a corrective action plan or, if applicable, a revised corrective action plan;2. Perform an examination pursuant to s. 651.105 or an analysis, as the office considers necessary, of the assets, liabilities, and operations of the provider, including a review of the corrective action plan or the revised corrective action plan; and3. After the examination or analysis, issue a corrective order, if necessary, specifying any corrective actions that the office determines are required.(b) In determining corrective actions, the office shall consider any factor relevant to the provider based upon the office’s examination or analysis of the assets, liabilities, and operations of the provider. The provider must submit the corrective action plan or the revised corrective action plan within 30 days after the occurrence of the regulatory action level event. The office shall review and approve or disapprove the corrective action plan within 45 business days.(c) The office may use members of the Continuing Care Advisory Council, individually or as a group, or may retain actuaries, investment experts, and other consultants to review a provider’s corrective action plan or revised corrective action plan; examine or analyze the assets, liabilities, and operations of a provider; and formulate the corrective order with respect to the provider. The costs and expenses relating to consultants must be borne by the affected provider.(2) Except when the office’s remedial rights are suspended pursuant to s. 651.114(11)(a), the office must take action necessary to place an impaired provider under regulatory control, including any remedy available under part I of chapter 631. An impairment is sufficient grounds for the department to be appointed as receiver as provided in chapter 631, except when the office’s remedial rights are suspended pursuant to s. 651.114(11)(a). If the office’s remedial rights are suspended pursuant to s. 651.114(11)(a), the impaired provider must make available to the office copies of any corrective action plan approved by the third-party lender or trustee to cure the impairment and any related required report. For purposes of s. 631.051, impairment of a provider is defined according to the term “impaired” under s. 651.011. The office may forego taking action for up to 180 days after the impairment if the office finds there is a reasonable expectation that the impairment may be eliminated within the 180-day period.(3) There is no liability on the part of, and a cause of action may not arise against, the commission, department, or office, or their employees or agents, for any action they take in the performance of their powers and duties under this section.(4) The office shall transmit any notice that may result in regulatory action by registered mail, certified mail, or any other method of transmission which includes documentation of receipt by the provider. Notice is effective when the provider receives it.(5) This section is supplemental to the other laws of this state and does not preclude or limit any power or duty of the department or office under those laws or under the rules adopted pursuant to those laws.(6) The office may exempt a provider from subsection (1) or subsection (2) until stabilized occupancy is reached or until the time projected to achieve stabilized occupancy as reported in the last feasibility study required by the office as part of an application filing under s. 651.0215, s. 651.023, s. 651.024, or s. 651.0246 has elapsed, but for no longer than 5 years after the date of issuance of the certificate of occupancy.(7) The commission may adopt rules to administer this section, including, but not limited to, rules regarding corrective action plans, revised corrective action plans, corrective orders, and procedures to be followed in the event of a regulatory action level event or an impairment.History.—s. 16, ch. 2019-160.