New York Codes, Rules and Regulations
Title 10 - DEPARTMENT OF HEALTH
Chapter VII - Life Care Communities
Part 901 - Organization And Administration
Section 901.5 - Rate increases
Universal Citation: 10 NY Comp Codes Rules and Regs ยง 901.5
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Any increases in the entrance fees or monthly care fees subsequent to the issuance of the certificate of authority shall require the prior written approval of the Superintendent of Insurance except under the following conditions:
(1) the increase has been calculated in
accordance with a rating system which has been approved by the superintendent;
or
(2) the increase does not exceed
a relevant cost index or indices which reflect all components of life care
including the cost associated with provision of health care as determined and
promulgated at least annually by the superintendent.
(b) The superintendent shall be notified of all fee increases, including those not requiring approval, prior to the implementation of the increase.
(c) No individual resident's monthly care fee may be increased due to the increased needs for services of that resident.
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