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OIR CCRC Coronavirus Alert #3 - March 23, 2020

Joel L. Anderson, Chair | Steve Bahmer, President/CEO

1812 Riggins Rd | Tallahassee, FL 32308 | P: (850) 671-3700 | F: (850) 671-3790

Continuing Care/Life Plan Coronavirus Alert #3
3/23/2020

Clarification on Required Notification to OIR of Confirmed Cases of Coronavirus in Continuing Care/Life Plan Communities 

CCRCs are asked to notify OIR of every known confirmed case of Coronavirus for a resident or employee on their campus as well as any suspected case for a resident or employee who has exhibited symptoms and for whom test results are pending and will not be known within 48 hours. They understand that you may not always know when a resident in independent living has been tested or diagnosed with the virus. The same may be true for an employee. The notification should be made to Chris Struk, OIR Life & Health Policy Advisor, via email (Christopher.Struk@floir.com) or by phone at (850) 413-2480. Chris is working remotely so you may have to leave a message. He will respond to let you know he got your message. You do not need to notify the OIR when a resident or staff person is required to self-isolate, but does not require testing. OIR is placing emails regarding tests results in a separate folder to keep it a Confidential/Trade Secret.

Minimum Liquid Reserve Compliance – Providers must monitor the market value of their investment holdings that are part of their MLR. As a result of provisions that passed as part of HB 1033, a provider has the following responsibilities:

  • S.651.035 (11) – “If the minimum liquid reserve is less than the required minimum at the end of any fiscal quarter due to a change in the market value of the invested funds, the provider must fund the shortfall within 10 business days.” When this occurred during the 2008 recession, most CCRCs were able to transfer unrestricted reserves to the MLR to avoid non-compliance. Section 651.035(11) is very time specific for a provider to comply. Failure to maintain the required MLR can result in an immediate “impairment” of the provider.  
  • S. 651.034 (2) – “The office may forgo taking action for up to 180 days after the impairment if the office finds there is a reasonable expectation that the impairment may be eliminated within the 180 day period.” An “impairment” is sufficient grounds for the Department of Financial Services to be appointed as receiver. Therefore, it is important to notify OIR if you are experiencing any challenges with MLR funding compliance so the OIR may forgo taking action if there is a reasonable expectation that the impairment will be eliminated.  

CCRCs must file a calculation of their MLR annually with their annual report. Any increase in the MLR must be funded no later than 61 days after the MLR calculation is due to be filed (s. 651.035(10)). Quarterly reports will verify that the provider’s MLR balance meets the calculated amount required. At our request, the OIR has extended the deadline for filing any annual reports for last year from May 1 until June 1.  

A CCRC that is required to file monthly and/or quarterly reports must include a detail listing of assets maintained in the MLR. At our request, the deadline for filing the first quarterly report has been extended from May 15 to June 15. Please note: all CCRCs are not required to file quarterly reports. 

We are sensitive to the concerns that CCRCs may have about MLR compliance. Please let us know if this becomes an issue for you.    

Please retain this alert in a file on compliance with OIR requirements during the 2020 Coronavirus Public Health Emergency to use during your next OIR Examination/Triennial Audit in the event that there are related questions. 

For questions or more information, please contact Mary Ellen Early, Public Policy Liaison, via email or by phone at (386) 734-7681

1812 Riggins Rd, Tallahassee FL 32308
Phone: (850) 671-3700
Website https://www.LeadingAgeFlorida.org

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