2022 New York Laws
PBH - Public Health
Article 46 - 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.
