2012 New York Consolidated Laws
PBH - Public Health
Article 46 - (4600 - 4624) CONTINUING CARE RETIREMENT COMMUNITIES
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:
    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.