(1) In addition to this subchapter, a life care provider is subject to the Continuing Care Provider Regulation Act, § 23-93-101 et seq.
(2) A life care provider shall not be established, conducted, or maintained in this state without obtaining a license from the Insurance Commissioner.
(3) However, a life care provider established before August 13, 1993, shall be licensed without application or payment of a fee.
(4) A life care provider shall include at least one (1) resident of the continuing care community who is nominated by the residents as a voting member of the life care provider's governing body.
(5) A resident member shall perform his or her duties in a manner that complies with the standards of conduct and fiduciary duties of the members of the governing board of the life care provider.