Sorry, you need to enable JavaScript to visit this website.

Title: Section 901.8 - Periodic reporting requirements

Effective Date


901.8 Periodic reporting requirements. (a) At an interval of every six months following the issuance of a certificate of authority and continuing until the community achieves an independent living unit occupancy rate of ninety percent, the operator shall file with the Commissioner a report indicating the construction status and marketing status of the community.

(b) The operator shall file an annual statement with the Commissioner of Health and Superintendent of Insurance within four months following the close of the operator's fiscal year.

(1) If the operator's fiscal year ends within six months following the issuance of the certificate of authority, the first annual statement shall not be required until the end of the next fiscal year.

(2) The operator may request an extension of time to file the annual report. A request for extension of filing time must be submitted in writing to the Commissioner within sixty days prior to the original due date.The Commissioner shall issue an approval or disapproval in writing within thirty days of receipt of the request. A formal request shall be required for each year in which an extension is required.

(3) If the annual statement is not received by the original due date or extended due date a late fee in the amount of one dollar per approved independent living unit per day may be charged.

(4) The annual statement must be accompanied by a certification by the operator of a proprietary community, a officer of a voluntary community, or the public official responsible for the operation of a public community.

(5) The annual statement shall show the condition of the community as of the last day of the preceding fiscal year and shall include, at a minimum, the following information in a format prescribed by the Council:

(i) a change in status of any of the following information submitted with the original application pursuant to paragraphs (3-9) and (11-14) of subdivision (c) of section 900.3 of Part 900:

(a) certificate of doing business;

(b) the life care contract;

(c) any contracts for the provision of nursing home services, home health care services or adult care facility services to the community;

(d) all executed and proposed deeds, leases, and rental agreements or executed option contracts related to the community's real property interests;

(e) any agreements or contracts between the community and licensed insurers requiring the insurer to assume, wholly or in part, the cost of medical or health related service to be provided to the residents of the community;

(f) the basic organizational documents and agreements including, as applicable: by-laws, partnership agreements, articles of incorporation, articles of association or other membership agreements, or their substantial equivalents;

(g) any bylaws, certificates of incorporation of a parent corporation or controlling person and any agreements with such an entity relating to the manner and mechanisms by which any such controlling person or parent corporation will exercise control;

(h) the ownership of the property interests in the community;

(i) the management contract, if any;

(j) the initial disclosure statement;

(ii) Financial statements prepared in accordance with the most current generally accepted accounting principles and audited by an independent certified public accountant which shall contain, for two or more periods, if the community has been in existence that long, the following:

(a) the accountant's opinion;

(b) a balance sheet;

(c) statement of income and expenses

(d) a statement of equity or fund balances;

(e) a statement of changes in financial position; and

(f) notes to the financial statements considered customary or necessary to ensure full disclosure of the financial statements, financial condition and operation.

(iii) a detailed listing of the assets supporting the reserves required pursuant to section 901.7 of this Part and Part 350 of Chapter XIII, Title 11 (Insurance) of the Official Compilation of Codes, Rules and Regulations of the State of New York;

(iv) an actuarial review of the community including an opinion of a qualified consulting actuary, as to the current and projected soundness of the community; and

(v) such other reasonable financial and other information as the council may require with respect to the operator or the community, or its directors, controlling persons, trustees, members, branches, subsidiaries or affiliates to determine the financial status of the community and the management capabilities of the operator.

(c) Sixty days before the official opening date and in subsequent years the commencement of each fiscal or calendar year, whichever applies, the operator shall file with the Commissioner and the Superintendent a computation of the annual long-term debt service and a projected annual revenue and expense summary for the next ten years.


VOLUME E (Title 10)