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Code · North Carolina · Chapter 58 — Insurance

§ 58-64A-310. Forfeiture.

208 words·~1 min read·/nc/chapter-58/58-64a-310

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§ 58-64A-310. Forfeiture.
(a)A permit, certificate, license, or other approval issued by the Commissioner pursuant to this Article shall be forfeited, after notice and opportunity for hearing, when any one of the following occurs:
(1)The provider terminates marketing a proposed continuing care retirement community.
(2)The provider surrenders to the Commissioner its permit, certificate, or license.
(3)The provider sells or otherwise transfers all or part of a continuing care retirement community without the Commissioner's approval in accordance with G.S. 58-64A-230.
(4)A change occurs in the control of the provider without the Commissioner's approval in accordance with G.S. 58-64A-235.
(5)The provider merges with another person without the Commissioner's approval in accordance with G.S. 58-64A-235.
(6)The provider moves the continuing care retirement community from one location to another without the Commissioner's prior approval.
(7)The provider abandons the continuing care retirement community or its obligations under continuing care and continuing care at home contracts.
(8)The provider is evicted from the structures that make up the continuing care retirement community.
(9)The provider closes a continuing care retirement community.
(b)The provider shall notify all residents and depositors within five business days after a forfeiture of a permit, certificate, or license. (2025-58, s. 2.)
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