Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-51 - CONTINUING CARE PROVIDERS AND FACILITIES › Rule 120-2-51-.04 - License; Application; Issuance; Renewal; and Revisions to Agreements

Current through Rules and Regulations filed through June 27, 2024
(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.