ARTICLE 6. Reporting and Reserve Requirements [1789. - 1793.]
Article 6 added by Stats. 1990, Ch. 875, Sec. 2.
§§ 1789–1793 · 19 sections
- § 1789 (a) A provider shall notify the department and obtain its approval before making any changes to any of the following: its name; its business structure or form…
- § 1789.1 (a) Before executing a deposit agreement or continuing care agreement, or receiving any payment from a depositor or prospective resident, a provider shall…
- § 1789.2 (a) A provider shall provide the department with written notice at least 90 calendar days prior to closing any transaction that results in an encumbrance or…
- § 1789.4 (a) A provider for a continuing care retirement community shall obtain approval from the department before consummating any sale or transfer of the continuing…
- § 1789.6 A provider shall record with the county recorder a “Notice of Statutory Limitation on Transfer” for each community as required by subdivision (aa) of Section…
- § 1789.8 Each provider shall obtain and maintain in effect insurance or a fidelity bond for each agent or employee, who, in the course of his or her agency or…
- § 1790 (a) Each provider that has obtained a provisional or final certificate of authority and each provider that possesses an inactive certificate of authority shall…
- § 1791 (a) An annual fee shall be required of each provider which has obtained a provisional or final certificate of authority. (b) Each annual report submitted…
- § 1792 (a) A provider shall maintain at all times qualifying assets as a liquid reserve in an amount that equals or exceeds the sum of the following: (1) The amount…
- § 1792.2 (a) A provider shall satisfy its liquid reserve obligation with qualifying assets. Qualifying assets are: (1) Cash. (2) Cash equivalents as defined in…
- § 1792.3 (a) Each provider shall include in its liquid reserve a reserve for its long-term debt obligations in an amount equal to the sum of all of the following: (1)…
- § 1792.4 (a) Each provider shall include in its liquid reserve a reserve for its operating expenses in an amount that equals or exceeds 75 days’ net operating expenses.…
- § 1792.5 (a) The provider shall compute its liquid reserve requirement as of the end of the provider’s most recent fiscal yearend based on its audited financial…
- § 1792.6 (a) Any provider offering a refundable contract, or other entity assuming responsibility for refundable contracts, shall maintain a refund reserve in trust for…
- § 1792.7 (a) The Legislature finds and declares all of the following: (1) In continuing care contracts, providers offer a wide variety of living accommodations and care…
- § 1792.8 (a) For purposes of this article, “actuarial study” means an analysis that addresses the current actuarial financial condition of a provider that is performed…
- § 1792.9 (a) All providers shall file annually with the department a financial report disclosing key financial ratios and other key indicators in a form determined by…
- § 1792.10 (a) Each provider that has entered into Type A contracts shall submit to the department, at least once every five years, an actuary’s opinion as to the…
- § 1793 (a) Any provider offering a refundable contract, or other entity assuming responsibility for refundable contracts, shall maintain a refund reserve fund in…