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Fla. regulators issue orders of suspension for CCRC

March 18, 2016
by Nicole Stempak, Senior Editor
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A continuing care retirement community (CCRC) in Florida may no longer be accepting new residents.

The Florida Office of Insurance Regulation (OIR) has issued two separate initial orders of suspension for University Village.

The first order states the facility was acquired illegally. IMH Healthcare, LLC, the general partner of the new ownership, does not have approval to operate as a licensed CCRC provider.

The second order makes several allegations against University Village for violating provisions of Florida’s Insurance Code for:

  • failing to comply with the OIR’s target examination and filing false information;
  • failing to fulfill statutory and contractual obligations to residents, estates of former residents and prospective residents, including failing to pay more than $4 million in refunds owed to residents;
  • continuing to accept new residents while being financially insolvent; and
  • engaging in fraudulent or dishonest management practices.

University Village majority owner Westport Holdings Tampa L.P. and limited partner BMV Management may appeal both initial orders of suspension. If they do not appeal, or lose the appeal, University Village will no longer be allowed to accept new residents. It will be obligated to honor the contracts of existing residents, OIR spokeswoman Amy Bogner told the Tampa Bay Times.

In February, the OIR issued an initial 11-page order of suspension after investigators learned University Village’s community’s reserve account was underfunded by $370,324.The order also alleges that BMV Management failed to tell state regulators about the background of BMV co-owner John Bartle in disclosure forms to the state. Authorities told the Tampa Bay Times Bartle was involved with Skyline Manor, Inc., an assisted living facility in Omaha, Neb. that went bankrupt. Bartle and his wife are involved in running University Village.

University Village has been operating as a CCRC since 1987.