Florida Regulations 69O-193.053: Waiver of Minimum Liquid Reserves
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(1) If principal and interest payments are paid to a trust that is beneficially held by residents as described in Florida Statutes § 651.023(7), the Office may waive all or any portion of the escrow requirements for mortgage principal and interest if the Office finds that such waiver is not inconsistent with the security protections intended by Chapter 651, FS.
(2) To obtain a waiver for all or any part of the escrow requirement for mortgage principal and interest contained in Florida Statutes § 651.035(1), the provider must meet the requirements of Florida Statutes § 651.023(7), and file Form OIR-A3-1068, “”Request for Waiver of Minimum Liquid Reserve Requirement,”” effective 7/20, hereby incorporated by reference and https://www.flrules.org/Gateway/reference.asp?No=14464. The filings shall be submitted electronically at https://www.floir.com/iportal;
(3) For a new facility commencing operations, Form OIR-A3-1068 must be submitted no later than 30 days before the provider requests the release of moneys held in escrow pursuant to Florida Statutes § 651.023(6) For a provider whose after escrowed funds have been released, Form OIR-A3-1068 shall be filed with the Office, on or before May 1 of each year if the provider’s fiscal year end is December 31 or within 120 days of the last day of the fiscal year of the provider if the provider has declared a fiscal year other than the calendar year.
(4) Any previous waiver granted by the Office terminates as of the date the provider is required to file its next MLR calculation. If the subsequent request for waiver is denied, the provider shall have 61 days from the date MLR calculation and Request for Waiver of Minimum Liquid Reserve were due to be filed to fully fund the required reserve accounts.
Rulemaking Authority Florida Statutes § 651.015(3). Law Implemented 651.023, 651.035 FS. History-New 7-16-92, Formerly 4-193.053, Amended 3-12-20, 7-21-22.
Terms Used In Florida Regulations 69O-193.053
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(3) For a new facility commencing operations, Form OIR-A3-1068 must be submitted no later than 30 days before the provider requests the release of moneys held in escrow pursuant to Florida Statutes § 651.023(6) For a provider whose after escrowed funds have been released, Form OIR-A3-1068 shall be filed with the Office, on or before May 1 of each year if the provider’s fiscal year end is December 31 or within 120 days of the last day of the fiscal year of the provider if the provider has declared a fiscal year other than the calendar year.
(4) Any previous waiver granted by the Office terminates as of the date the provider is required to file its next MLR calculation. If the subsequent request for waiver is denied, the provider shall have 61 days from the date MLR calculation and Request for Waiver of Minimum Liquid Reserve were due to be filed to fully fund the required reserve accounts.
Rulemaking Authority Florida Statutes § 651.015(3). Law Implemented 651.023, 651.035 FS. History-New 7-16-92, Formerly 4-193.053, Amended 3-12-20, 7-21-22.