North Carolina General Statutes Chapter 58. Insurance § 58-64A-225. Material changes or deviations in information

(a) An applicant or provider shall notify the Commissioner of material changes or deviations in any information submitted to the Commissioner pursuant to this Article within 10 business days after the applicant or provider becomes aware of the change or deviation.

(b) Within 30 days after receiving notice of a material change or deviation, the Commissioner shall advise the applicant or provider in writing whether any additional action needs to be taken as a result of the material change or deviation.

(c) The Commissioner may suspend any approval, certification, license, or permit issued pursuant to this Article if the applicant or provider fails to give written notice of material changes or deviations required by this section.  The suspension shall remain in effect until the Commissioner has (i) assessed the potential impact of the material changes or deviations on the applicant or provider and the interests of residents and depositors and (ii) taken any action necessary under this Article to protect the interests of any residents and depositors.

(d) For the purposes of this section, material changes or deviations mean any change or extraordinary occurrence which creates or causes, or could create or cause, an applicant or provider to be in a hazardous condition or, for a proposed continuing care retirement community or proposed expansion of a continuing care retirement community, to no longer be financially viable.