SB 1430 Summary: Protecting Florida Seniors from Financial Fraud Act

• Strengthens financial oversight of continuing care providers by requiring actuarial studies and opinions, establishing contractual liability reserves, and increasing capital reserve requirements from 15% to 25% of operating expenses effective January 1, 2018.

• Enhances consumer protections by requiring 50% unit reservations before certificate issuance (up from 30%), expanding entrance fee refund options, and prohibiting unfair/deceptive practices including misrepresentation of benefits and fraudulent signatures.

• Establishes stricter acquisition and ownership controls by requiring written approval for facility acquisitions, preventing certain individuals involved in insolvent facilities from managing new ones, and allowing the Office of Insurance Regulation to examine parent companies for enterprise risk.

• Improves disclosure and transparency by requiring providers to notify residents' councils of financing changes, management changes, examinations, and proceedings; provide reserve information; and mark contracts with identifying designations.

• Increases regulatory authority by allowing immediate final orders for violations, expanding grounds for denial/suspension/revocation of certificates, and enabling the office to require monthly financial statements and approve dividends and distributions.