(a) In addition to the provisions of this subchapter, life care providers shall be subject to the provisions of the Continuing Care Provider Regulation Act, § 23-93-101 et seq.
(b) No life care provider shall be established, conducted, or maintained in this state without obtaining a license from the Insurance Commissioner. However, life care providers established prior to August 13, 1993, shall be licensed without application or payment of a fee.