N.Y. Public Health Law 4611 – Reserves and supporting assets
§ 4611. Reserves and supporting assets. 1. An operator shall maintain reserve liabilities and supporting assets in an amount and for the purposes set forth in a regulation issued by the superintendent of financial services. Liquid assets must be maintained for the following reserve liabilities:
Terms Used In N.Y. Public Health Law 4611
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Operator: shall mean a legal entity operating a continuing care retirement community pursuant to a certificate of authority. See N.Y. Public Health Law 4601
- Superintendent: shall mean the superintendent of financial services. See N.Y. Public Health Law 4601
a. Principal and interest payments and payments for taxes and insurance for up to twelve months;
b. Total estimated operating costs for up to six months as set by the superintendent;
c. Repairs and replacements for up to twelve months; and
d. In addition, the amount of liquid assets must meet any cash flow requirements and conditions as set forth in a regulation.
2. The assets in support of reserve liabilities of subdivision one of this section shall meet quantitative and qualitative standards set forth in regulations issued by the superintendent.