10/17/07 N.Y. St. Reg. INS-33-06-00003-A
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Amendment of Part 350 (Regulation 140) of Title 11 NYCRR.
Statutory authority:
Insurance Law, sections 201, 301 and 1119; and Public Health Law, sections 4604(4)(a), 4607 and 4611
Subject:
Continuing care retirement communities authorized pursuant to art. 46 of the Public Health Law.
Purpose:
To adopt revised standards pertaining to continuing care retirement communities authorized pursuant to art. 46 of the Public Health Law.
Text or summary was published
in the notice of proposed rule making, I.D. No. INS-33-06-00003-P, Issue of August 16, 2006.
Final rule as compared with last published rule:
No changes.
Revised rule making(s) were previously published in the State Register on
August 22, 2007.
Text of rule and any required statements and analyses may be obtained from:
Andrew Mais, Insurance Department, 25 Beaver St., New York, NY 10004, (212) 480-2285, e-mail:
amais@ins.state.ny.usAssessment of Public Comment
The original proposed regulation was published in the New York State Register on August 16, 2006 (INS-33-06-00003-P). Comments were received from an industry organization representing, among others, operators of CCRCs. In response to the public comments, the proposal was revised. The revised proposal was published in the State Register on August 22, 2007 (INS-33-06-00003-RC), including an assessment of the comments received on the original proposal.
The Department received comments regarding the revised proposal as follows:
COMMENT: While the industry organization did not oppose the revised regulation, it felt that the Department should reconsider its decision not to revise the regulation (based upon comments received on the original proposal) with regard to the requirement for quarterly reporting on the status of liquid assets pursuant to section 350.6(a)(4) and the conditions under which the superintendent would require a new actuarial study pursuant to section 350.9(b).
RESPONSE: The Department considers that the previously published responses to the comments received on both of these issues are adequate and appropriate. Therefore, no modification to the rule was made.
COMMENT: The industry organization has convened a workgroup to make recommendations to the Department concerning investment and reserve requirements for consideration in the next amendment to the regulation.
RESPONSE: The Department looks forward to seeing what recommendations the workgroup develops.
