Section 1792.10.
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 provider’s actuarial financial condition. The actuary’s opinion shall be based on an actuarial study completed by the opining actuary in a manner that meets the requirements described in […]
Section 1793.
1793. (a) Any provider offering a refundable contract, or other entity assuming responsibility for refundable contracts, shall maintain a refund reserve fund in trust for the residents. This trust fund shall remain intact to accumulate interest earnings resulting from investments of liquid reserves in accordance with paragraph (1) of subdivision (e) and subparagraphs (A) through (E), […]
Section 1789.8.
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 employment, has access to any substantial amount of funds. This requirement is separate from the bonding requirements of residential care facility for the elderly regulations. (Amended […]
Section 1790.
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 submit an annual report of its financial condition. The report shall consist of audited financial statements and required reserve calculations, with accompanying certified public accountants’ opinions thereon, the reserve information required […]
Section 1791.
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 pursuant to Section 1790 shall be accompanied by a payment to the Continuing Care Provider Fee Fund in the amount of one-tenth of 1 percent of the portion of […]
Section 1792.
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 the provider is required to hold as a debt service reserve under Section 1792.3. (2) The amount the provider must hold as an operating expense reserve under Section […]
Section 1792.2.
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 paragraph (4) of subdivision (c) of Section 1771. (3) Investment securities, as defined in paragraph (2) of subdivision (i) of Section 1771. (4) Equity securities, including mutual funds, as defined in […]
Section 1792.3.
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) All regular principal and interest payments, as well as credit enhancement premiums, paid by the provider during the immediately preceding fiscal year on account of […]
Section 1792.4.
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. For purposes of this section: (1) Seventy-five days net operating expenses shall be calculated by dividing the provider’s operating expenses during the immediately preceding fiscal year by 365, and […]
Section 1792.5.
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 statements for that period and, at the time it files its annual report, shall file a form acceptable to the department certifying all of the following: (1) The amount the provider […]