CCRC owes residents $4 million, faces suspension, regulators say
A Florida continuing care retirement community may have to suspend business after being accused of violating Florida's insurance code by operating under a new owner without approval, providing inaccurate disclosures to residents, failing to pay $4 million in refunds to residents, accepting new residents while being financially insolvent and other actions.
Westport Holdings Tampa, a limited partnership doing business as University Village, has 21 days from March 15 to request a hearing before an administrative law judge in response to two initial orders of suspension issued by Florida Insurance Commissioner Kevin McCarty.
University Village has been operating as a CCRC since 1987, according to the Florida Office of Insurance Regulation, which enforces insurance-related statutes. The life plan community's campus includes two multistory buildings with 446 independent living apartments, 46 independent living duplexes and a three-story building with 120 skilled nursing beds and 110 assisted living or memory care beds, according to the office.
IMH Healthcare, LLC, the general partner of the new ownership of Westport, has not been approved by regulators to operate as a licensed CCRC provider in the state, according to one order. According to the other order, University Village has violated several provisions of the state insurance code, including not complying with the insurance regulation office's target examination; filing false information; not fulfilling statutory and contractual obligations to residents, prospective residents and the estates of former residents; and “engaging in fraudulent or dishonest practices of management in the conduct of business.”
Nobody answered the telephone at a number listed for Westport Holdings. University Village did not respond to a request for comment from McKnight's Senior Living.