Conn. Agencies Regs. § 17b-533-6 - Annual filings

(a) A provider operating any facility located in this state shall file with the department the following financial and actuarial information pertaining to residents under continuing-care contracts for each facility located in this state and operated by the provider or by a manager under contract to the provider:

(1) The facility's current rate schedule;

(2) Residential turnover rates for the most recently completed fiscal year, and anticipated for the next five years;

(3) The projected average age of the residents for the next five years;

(4) Health-care utilization rates, including admission rates and days per one hundred residents by level of care for the most recently completed fiscal year, and anticipated for the next five years;

(5) Occupancy rates for the most recently completed fiscal year, and anticipated for the next five years;

(6) The number of Health care admissions pursuant to continuing-care contracts for the most recently completed fiscal year, and anticipated for the next five years;

(7) The days of care per year for the most recently completed fiscal year, and anticipated for the next five years;

(8) The number of permanent transfers to a facility that provides medical or nursing services or other health-related benefits for the most recently completed fiscal year;

(9) A statement of source and application of funds for the five-year period beginning the year of initial filing pursuant to C.G.S. section 17b-528 or subsequent filing pursuant to C.G.S. section 17b-528;

(10) Financial statements including certified current balance sheets and certified income statements, changes in financial position, and pro forma statements for the next five years as provided in C.G.S. section 17b-522, and either such information as is necessary to assess the actuarial soundness thereof or an actuarial certificate as provided below in subsection (i) (2) of this section;

(11) The basis for amortization assumptions for the provider's capital cost;

(b) The financial and actuarial information shall be filed annually, within one hundred fifty days following the end of the fiscal year of the provider. At the discretion of the provider, the first such statement may be filed simultaneously with the initial revised disclosure statement as set forth in section 17b-533-7 hereof.

(c)

(1) If a provider is required to submit an annual financial and actuarial filing, a valid filing shall be supplemental to, and a prerequisite for, the continued effectiveness of a provider's latest disclosure statement on file with the department.

(2) In the event that an annual filing is not submitted as required, the provider's latest disclosure statement on file with the Department shall cease to be effective for the purposes of the Act, and such disclosure statement shall remain ineffective until the provider receives acknowledgement of the filing of the financial and actuarial information required by this section.

(d) The commissioner shall acknowledge in writing the filing of the financial and actuarial information within ten business days of the date it is received, if the information either meets the requirements of the Act or contains only technical discrepancies.

(e) The commissioner shall set forth the initial determination of the department in conjunction with such acknowledgement, in the same manner as provided in section 17b-533-2 of these regulations regarding disclosure statements.

(f) If the commissioner determines that the information filed does not on its face meet the requirements of the Act or these regulations, and will not be accepted for filing, the provider shall be notified in writing within ten business days of receipt of the financial and actuarial information of such determination and the reasons therefor. Such notification will not be accompanied by return of the documents.

(g) If neither an acknowledgement of filing nor notification of non-acceptance for filing is made within ten business days, a provider may, until notification to the contrary, deem that the financial and actuarial information has been accepted for filing.

(h) Upon a determination that the financial and actuarial information will not be accepted for filing, the commissioner may notify the Office of the Attorney General of the deficiency and request that appropriate legal action be initiated to compel compliance with the Act, recover an appropriate fine therefor, or for such other relief as may be deemed appropriate; provided, that no such request shall be made for non-material technical discrepancies with respect to the Act or these regulations.

(i)

(1) Required financial and actuarial information shall be filed in one document which shall consist of a cover page, a table of contents, and the information in such order as may be convenient for the provider; provided, that the table of contents adequately identifies by number, words, or both, the material included in the filing for ready comparison with the information required by the Act and these regulations.

(2) Any filing under this section which is accompanied by an actuarial certificate signed by a member in good standing of the American Academy of Actuaries stating that the financial and actuarial projections have been made on an actuarially sound basis in accordance with accepted actuarial principles shall be deemed to have met the initial requirements for filing in regard to actuarial soundness.

(j) Notwithstanding acknowledgement of acceptance for filing, the commissioner may at any time thereafter review and investigate the financial and actuarial information filed pursuant to this section to determine the accuracy and completeness thereof.

Notes

Conn. Agencies Regs. § 17b-533-6

Effective January 31, 1996