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Texas Department of Insurance ("TDI") Adopts Rules Concerning Continuing Care Retirement Centers ("CCRCs")




by:
Joseph V. (Joe) Geraci
Brown McCarroll, L.L.P. - Austin Office

Mia C. Garcia
Brown McCarroll, L.L.P. - Houston Office

 
March 25, 2009

Previously published on March 6, 2009

On March 6, 2009, TDI published an adopted rule in the Texas Register (34 Tex. Reg. 1608) concerning CCRCs.  Under the adopted rule, providers operating a phase-in facility may make an initial filing with the escrow agent, then with TDI, and then supplement the filing with quarterly reports.  This avoids the submission of multiple reports previously required.  The adopted rule also does the following:

  • Specifies the requirements relating to the number of items that must be provided by an applicant for a certificate of authority to operate as a CCRC;
  • Specifies the requirements for the release of entrance fee escrow funds for phase-in facilities;
  • Instructs phase-in facility operators on how to achieve release of entrance fee escrow funds; and
  • Requires CCRC operators who lease their facilities to maintain one year’s worth of anticipated lease payments for the facility in escrow.    


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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