Utah Code Ann. § 31A-44-402
Actuarial reserve -- Priority of entrance fee refunds.
Effective May 3, 2023Amended by Chapter 271, 2023 General Session
- (1) The department may require a provider that the department determines has actuarial liability under Section 31A-44-204 to create an additional reserve fund to offset the actuarial liability.
- (2) The department may require the additional reserve fund described in Subsection (1) by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
- (3) If a refund or remittance of funds is owed in relation to a living unit due to the death or relocation of a resident, the provider shall prioritize the sale of the resident's living unit over the sale of other units for which a refund or remittance of funds is not owed.
Amended by Chapter 271, 2023 General Session