Title 23, Public Utilities and Regulated Industries

The Insurance Commissioner shall have the authority to adopt, amend, or repeal such rules as are reasonably necessary for the enforcement of the provisions of this subchapter.

(a) No later than sixty (60) days prior to the first solicitation of a contract to provide continuing care, the provider shall deliver an initial disclosure statement to the State Insurance Department. This statement shall contain all of the following information:(1) The name and…

(a) The State Insurance Department shall review the filed disclosure document for the following:(1) The completeness of the filing; and(2) The manner and method of computing the reserve. (1) The completeness of the filing; and (2) The manner and method of computing the reserve. (…

(a) A continuing care contract shall be written in clear and understandable language. (b) A continuing care contract shall, at a minimum:(1) Describe the facility's admission policies, including age, health status, and minimum financial requirements, if any;(2) Describe the healt…

For a seven-day period beginning on the date a provider receives any payment from a prospective resident, a prospective resident shall have the right to rescind any contractual obligation into which he or she has entered and receive a full refund of any moneys transferred to the …

(a) No provider shall make, publish, disseminate, circulate, or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper or other publication, or in the form of a notice, circular, pamph…

(a) (1) Each provider shall establish and maintain liquid refund reserves in an amount determined in accordance with this section.(2) (A) The refund reserve shall be equal to or shall exceed the actuarially determined annual refund amount as of the financial reporting date.(B) Th…

(a) (1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted…

In the event of the bankruptcy or receivership of the provider resulting from the financial difficulties of the provider, the residents of the facility shall have a statutory lien on the real and personal property of the facility. This lien shall be subordinate to liens of record…

(a) The State Insurance Department may conduct any investigation or examination deemed necessary by the Insurance Commissioner:(1) For the public health, safety, and welfare of a resident or potential resident of a facility;(2) In response to a written complaint filed by a reside…

(1) As used in this subchapter:(1) “Commissioner” means the Insurance Commissioner;(2) “Department” means the State Insurance Department;(3) “Entrance fee” means a payment that assures a resident a place in a facility for a term of years or for life;(4) “Facility” means a place w…

(a) In addition to this subchapter, a life care provider is subject to the Continuing Care Provider Regulation Act, § 23-93-101 et seq. (b) (1) A life care provider shall not be established, conducted, or maintained in this state without obtaining a license from the Insurance Com…

(a) No license is transferable, and no license issued pursuant to this subchapter has value for sale or exchange as property. (b) No provider or other owning entity shall sell or transfer ownership of the facility or enter into a contract with a third-party provider for managemen…

(1) The State Insurance Department shall issue a license upon its affirmative determination that all of the following requirements have been met:(1) The provider can fulfill its obligation under the life care contract if the resident complies with the terms of the offer;(2) There…

(a) The license of a provider shall remain in effect until revoked after notice and hearing upon written finding of fact by the State Insurance Department that the provider has:(1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter;…

(a) (1) An application for a license shall consist of a statement containing the items set forth in this subchapter, together with a filing fee in the amount of four hundred dollars ($400) plus forty dollars ($40.00) per living unit made payable to the Treasurer of State.(2) In t…

(1) The application for a license shall contain the following documents and information:(1) (A) An appointment of an Arkansas resident to serve as the registered agent for the provider shall be filed with the State Insurance Department. Thereafter, the registered agent shall be a…