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 […]
Section 1792.6.
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 the residents. The amount of the refund reserve shall be revised annually by the provider and the provider shall submit its calculation of the refund reserve amount to the department in conjunction […]
Section 1792.7.
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 programs for an indefinite or extended number of years in exchange for substantial payments by residents. (2) The annual reporting and reserve requirements for each continuing care provider should include a report […]
Section 1792.8.
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 by an actuary in accordance with accepted actuarial principles and the standards of practice adopted by the Actuarial Standards Board. An actuarial study shall include all of the following: (1) An […]
Section 1789.
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 of doing business; the overall management of its continuing care retirement community; or the terms of its financing. (b) The provider shall give written notice of proposed […]
Section 1792.9.
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 the department. (b) The department shall issue a “Key Indicators Report” form to providers that shall be used to satisfy the requirements of subdivision (a). The Key Indicators Report shall require […]