Utah Code 31A-44-402. Actuarial reserve — Priority of entrance fee refunds
Current as of: 2024 | Check for updates
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(1) The department may require a provider that the department determines has actuarial liability under Section 31A-44-204 to create an additional reserve fund to offset the actuarial liability.
Terms Used In Utah Code 31A-44-402
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Living unit: means a room, apartment, cottage, or other area within a facility set aside for the exclusive use or control of one or more identified individuals. See Utah Code 31A-44-102
- Provider: means :(9)(a)(i) the owner of a facility;(9)(a)(ii) a person, other than a resident, that claims a possessory interest in a facility; or(9)(a)(iii) a person who enters into a continuing care contract with a resident or potential resident. See Utah Code 31A-44-102
- Resident: means an individual entitled to receive continuing care in a facility pursuant to a continuing care contract. See Utah Code 31A-44-102
(2) The department may require the additional reserve fund described in Subsection (1) by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.(3) If a refund or remittance of funds is owed in relation to a living unit due to the death or relocation of a resident, the provider shall prioritize the sale of the resident’s living unit over the sale of other units for which a refund or remittance of funds is not owed.