Section 26-A8205. FINANCIAL STATEMENTS AND COMPILED FIVE-YEAR FORECASTS

8205.1Certified financial statements, as required by section 105(a)(10) of the Act, and compiled five (5) year forecasts, as required by section 105(a)(12) of the Act, shall be prepared by an independent certified public accountant and shall be of the provider’s corporation or other legal entity that owns the continuing care facility.  The Commissioner may require the provider to supply supplementary financial data or other appropriate disclosure on individual continuing care facilities if a corporation or other legal entity owns various continuing care facilities or is engaged in various enterprises.

8205.2The Commissioner may accept all or part of the report and supporting documentation of an approved accrediting organization acceptable to the Commissioner to satisfy the review requirements under the Act; provided, that such acceptance shall not preclude the Commissioner from performing the examination function.

authority

The Commissioner of the Department of Insurance, Securities and Banking, pursuant to the authority set forth in section 7 of the Continuing Care Retirement Communities Act of 2004, effective April 6, 2005 (D.C. Law 15-270; D.C. Official Code § 44-151.01 et seq.)(2005 Supp.)(“Act”).

source

Notice of Final Rulemaking published at 53 DCR 1399 (February 24, 2006); as amended by Corrected Notice of Final Rulemaking published at 53 DCR 8475, 8480 (October 20, 2006).