I. The department may require a provider to submit a financial plan, if either of the following applies: (a) A provider fails to file a complete annual report. (b) The department has reason to believe that the provider is insolvent, is in imminent danger of becoming insolvent, is in a financially unsound or unsafe condition, or that its condition is such that it may otherwise be unable to fully perform its obligations pursuant to continuing care contracts in the discretion of the commissioner. II. A provider shall submit its financial plan to the department within 60 days following the date of the department's request. The financial plan shall explain how and when the provider will rectify the problems and deficiencies identified by the department. III. The department shall approve or disapprove the plan within 30 days of its receipt. IV. If the plan is approved, the provider shall immediately implement the plan. V. If the plan is disapproved, or if it is determined that the plan is not being fully implemented, the department may consult with its financial consultants to develop a corrective action plan at the provider's expense or require the provider to obtain new or additional management capability approved by the department to remedy its deficiencies. Unless there are exigent circumstances, a reasonable period, as determined by the department, shall be allowed for the reorganized management to develop a plan which, subject to the approval of the department, shall reasonably assure that the provider will meet its responsibilities under the law.
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