§ 3209. Reserves
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 3209
§ 3209. Reserves
Each provider shall establish and maintain liquid reserves in an amount equal to or exceeding the greater of:
The provider must notify the commissioner in writing at least ten days prior to reducing the funds available to satisfy this requirement and may expend no more than one-twelfth of the required balance each calendar month. In facilities where some residents are not under continuing-care agreements, the reserve shall be computed only on the proportional share of financing or operating expenses that is applicable to residents under continuing-care agreements at the end of the provider's most recent fiscal year. Funds in escrow accounts may be used to satisfy this reserve requirement if such funds are available to make payments when operating funds are insufficient for such purposes.
Credits
1984, June 18, P.L. 391, No. 82, § 9, effective in 6 months.
40 P.S. § 3209, PA ST 40 P.S. § 3209
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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