1. (1) "Financial hardship," under Subsection 31A-44-401(3), means a resident of a continuing care facility:

   1. (a) with regular monthly expenses exceeding the resident's regular monthly income; and
   2. (b) with net assets of less than $25,000, over and above the resident's entrance fee at the continuing care facility.

2. (2) "Qualified actuary" means:

   1. (a) a member of the American Academy of Actuaries;
   2. (b) a member of the Society of Actuaries; or
   3. (c) a person recognized by the commissioner as having comparable training or experience.

Terms used in this rule are defined in Sections 31A-1-301 and 31A-44-102. Additional terms are defined as follows:

KEY: insurance, continuing care facility

Date of Last Change: September 10, 2024

Notice of Continuation: April 7, 2022

Authorizing, and Implemented or Interpreted Law: 31A-44-202(2); 31A-2-201; 31A-44-314; 31A-44-401(3); 31A-44-402(2); 31A-44-502(2)(d); 31A-44-503(4)(d); 31A-44-601(6)(f); 31A-44-602(2)(b); 31A-44-203(4)