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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-193. Continuing Care Contracts |
1(1)(a) A provider intending to develop a facility in phases shall submit a feasibility study as required by Chapter 651, F.S., which contains all information required by law for each phase of the proposed project, as well as the project as it will exist upon completion of all construction.
50(b) 51Subsequent to the Office’s approval of an application containing a feasibility study providing for a facility to be developed in phases, a provider must notify the Office in writing within 10 business days of becoming aware of a material adverse deviation or change. Within 60 days of the provider becoming aware of the material adverse deviation or change, the provider must also submit any necessary revisions or amendments to the feasibility study required to account for the material adverse deviation or change133.
134(2) The Office shall not deem feasible any project proposed to be built in phases if the initial phase does not include the ability to deliver all contract benefits promised to the residents. 167Contract benefits may be delivered pursuant to a written contractual agreement, which must be disclosed in the contract for continuing care, until the additional phases are completed. Note that pursuant to Section 199651.118(6), F.S., 201the provider must construct the non-nursing home portion of the facility and the nursing home portion of the facility at the same time unless the provider already has a component that is to be a part of the continuing care facility and that is licensed under Chapter 395, Part II of Chapter 400, or Part I of Chapter 429, F.S., at the time of construction of the continuing care facility.
271(3) The provider must comply with the reservation and entrance fee escrow requirements of Section 651.0215, 287651.023(5), 288or 651.0246, F.S., which shall apply to each phase in the development of a facility. The funds for each phase should be escrowed separately as evidenced by separate escrow accounts or sub-accounts for each phase. The escrow agreement(s) establishing the accounts or sub-accounts for each phase must meet the requirements of section 340651.033, F.S.
342Rulemaking Authority 344651.015(3) FS. 346Law Implemented 348651.023, 349651.091 FS. 351History–New 7-16-92, Formerly 4-193.012, Amended 3-12-20.
