The Department shall approve an application for a renewal certificate of registration when it determines that: The required documents have been filed; The proposed and existing agreements meet the requirements of the Act and this chapter; The provider has not been found to be in financial difficulty; The provider has the necessary resources for providing continuing care at home; The provider has received all required licenses and certificates from MDH and MHCC; The form and substance of all advertising and other promotional materials filed are not deceptive, misleading, or likely to mislead; If required under Regulation .11D of this chapter, an actuarial study, prepared or reviewed by a qualified actuary, has been submitted which: Includes an actuarial balance sheet; Demonstrates that the resources available for current and replacement subscribers, including the actuarial present value of periodic fees expected to be paid in the future by present subscribers, are equal to the actuarial present value of the expected costs of performing all remaining obligations to the subscribers under the subscribers' agreements, with appropriate provision for surplus; Projects positive cash balances for a 20-year period; Includes a statement of the opinion of a qualified actuary as to whether: The data and assumptions used are appropriate and reasonable, The methods employed are consistent with sound actuarial principles and practices, and Provision has been made for all actuarial liabilities and related statement items; Includes supporting detailed documentation for the actuarial balance sheet including a projection of future population flows and service needs covered by the provider's agreements, which projection shall use appropriate inflation factors, mortality, morbidity, withdrawal, and other demographic assumptions; and Includes a cash flow projection for the next 20 years; The disclosure statement submitted complies with Regulation .15 of this chapter; The operating reserves comply with the requirements of Regulation .14 of this chapter; and All renewal fees and any late fees have been paid. Upon review of a provider's application for a renewal certificate of registration, the Department may make a finding of possible financial difficulty. The Department shall refer the application of a provider found to be in possible financial difficulty to the Financial Review Committee. Applications that are referred to the Committee are subject to Regulations .19 and .20 of this chapter. If the conditions in §A of this regulation and, if applicable, Regulation .20 of this chapter are not met, the Department shall issue in writing a denial of an application for a renewal certificate of registration. The Department shall include the reasons for denying the application in the written denial.