§ 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.