New York Laws
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.

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