New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XIII - Life Care Communities
Part 350 - Continuing Care Retirement Communities
Section 350.2 - Reserves
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 350.2
Current through Register Vol. 46, No. 12, March 20, 2024
After release of funds held in escrow pursuant to Public Health Law section 4610, the operator of a continuing care retirement community operating under a certificate of authority pursuant to Public Health Law article 46 shall maintain a reserve liability for amounts due and unpaid and a reserve liability for estimated future capital, operating and refund expenses provided for under the terms of the continuing care retirement contracts and continuing care at home contracts.
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