§ 23-93-107 - Disclosure statement -- Review. - Arkansas Statutes

23-93-107. Disclosure statement -- Review.

(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.

(b) The Insurance Commissioner shall notify a provider of any deficiency in the filing within sixty (60) days from the date of filing. If the provider is notified of deficiencies in the filing, reasonable time shall be allowed to the provider to correct the deficiencies.

(c) No provider may offer continuing care contracts to the public during the initial sixty-day filing period or during the period allowed to correct deficiencies noted by the commissioner.

(d) All disclosure statements shall be made available at the facility and the office of the commissioner for inspection by the citizens of this state upon request. Each resident of a facility shall be informed of the availability of the statement annually.

(e) Each disclosure statement shall clearly state that:

(1) A prospective or present resident shall rely solely upon the provider for the accuracy and completeness of the information contained in the disclosure statement; and

(2) No independent investigation of the accuracy of the information has been conducted by the commissioner.