Pennsylvania Code › Title 31 - INSURANCE › Part VIII - Miscellaneous Provisions › Chapter 151 - CONTINUING CARE PROVIDERS › Section 151.2 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise:
Act
-The Continuing Care Provider
				  Registration and Disclosure Act (40 P. S. §§
										3201-3225).
Affiliate
-A person who directly, or through
				  one or more intermediaries, controls or is controlled by, or is under common
				  control with, a provider or facility.
Applicant
-A provider who is seeking the
				  issuance of a certificate of authority, a temporary certificate of authority,
				  or an extension of a temporary certificate of authority to engage in the
				  business of continuing care in this Commonwealth.
Article V
-The act of December 14, 1977 (P.
				  L. 280, No. 92) (40 P. S. §§
										221.1-221.63).
Biographical affidavit
-A notarized
				  background profile of an affiant, on a prescribed form, which may be obtained
				  from the Department.
Certificate of authority
-The license issued
				  by the Department authorizing a provider to engage in the business of
				  continuing care in this Commonwealth, including temporary certificates of
				  authority.
Certified public accountant
-An individual
				  licensed to practice as an accountant, and who is in good standing, under the
				  statutes of the Commonwealth or another state with licensing requirements
				  similar to Pennsylvania. The term includes a chartered accountant. An
				  accountant will be recognized as independent if he conforms to the standards
				  contained in the Code of Professional Ethics of the American Institute of
				  Certified Public Accountants and The C.P.A. Law (63 P. S. §§
										9.1-9.16b) or similar statutes.
Commissioner
-The Insurance Commissioner of
				  the Commonwealth.
Department
-The Insurance Department of the
				  Commonwealth.
Facility
-Each separate establishment,
				  complex or campus at which location a provider engages in the business of
				  providing continuing care. Two or more establishments located on the same
				  premises shall be treated as separate facilities if their operations are
				  administratively independent of each other.
Financial institution
-A bank, bank and trust
				  company or savings and loan association, as defined in sections 102(f) and (g)
				  of the Banking Code of 1965 and section 102(3) of the Savings Association Code
				  of 1967 (7 P. S. §§
										102(f),
				  (g) and
				  6020-2(3)), which is Federally
				  insured or is Pennsylvania chartered.
Letter of credit
-A document evidencing a
				  commitment to honor a demand for payment as defined in
				  13 Pa.C.S. §
										5103(a) (relating to
				  definitions and index of definitions). Acceptable letters of credit include
				  only those issued or confirmed by a financial institution authorized to issue
				  them.
Negotiable securities
-An instrument
				  evidencing an obligation of the issuer as defined in
				  13 Pa.C.S. §
										8103
				  (relating to lien of issuer). The term includes only United States government
				  obligations and corporate debt obligations rated AA or AAA in a recognized
				  corporate bond rating publication, such as the Moody's Investor's Service, Inc.
				  publication.
Not-for-profit
-A business entity not
				  organized for a purpose involving pecuniary gain, incidental or otherwise, to
				  its members, shareholders or principals, under
				  15 Pa.C.S. §§
										7101-7107 (relating to the corporation
				  not-for-profit code).
Period fee
-A charge payable under a
				  resident's agreement which is assessed on a recurring basis, such as a monthly
				  fee.
Qualified actuary
-An individual who is a
				  member of the American Academy of Actuaries. The term also includes an
				  individual who has demonstrated to the satisfaction of the Department that he
				  possesses the educational background necessary for the practice of actuarial
				  science and who has not less than 7 years of actuarial experience.
Resident's agreement
-The contract between a
				  provider and each individual entitled to receive continuing care in a
				  facility.
Settlement date
-The proposed date for the
				  completion of the transfer of a controlling interest in a facility.
Transfer of ownership
-The disposition of a
				  controlling interest in a provider or a facility, whether by sale or
				  otherwise.
This section cited in 31 Pa. Code §
											151.10 (relating to
					 investments).