Section 901.5 - Rate increases

901.5 Rate increases. (a) Any increases in the entrance fees or monthly care fees subsequent to the issuance of the certificate of authority shall require the prior written approval of the Superintendent of Insurance except under the following conditions:

(1) the increase has been calculated in accordance with a rating system which has been approved by the Superintendent; or

(2) the increase does not exceed a relevant cost index or indices which reflect all components of life care including the cost associated with provision of health care as determined and promulgated at least annually by the Superintendent.

(b) The Superintendent shall be notified of all fee increases, including those not requiring approval, prior to the implementation of the increase.

(c) No individual resident's monthly care fee may be increased due to the increased needs for services of that resident.
 

Effective Date: 
Wednesday, July 1, 1992
Doc Status: 
Complete