Florida Insurance Commissioner Issues Initial Orders of Suspension to Tampa-Based University Village, a Continuing Care Retirement Community
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty has
issued two separate Initial Orders of Suspension for Westport Holdings Tampa, Limited Partnership, d/b/a University Village, a
Continuing Care Retirement Community (CCRC).
The first Initial
Order of Suspension relates to the unlawful acquisition of
University Village by new ownership. IMH Healthcare,
LLC, the general partner of the new ownership, does not have the approval from
the Office of Insurance Regulation (Office) to operate as a licensed CCRC
provider in this state. IMH Healthcare, LLC is exercising control over this
CCRC, providing continuing care to existing residents, and entering into
contracts with new residents. This is a violation of Florida’s Insurance
Order of Suspension relates to numerous general allegations against
University Village for violating provisions of Florida’s Insurance Code. These
allegations include, but are not limited to:
· Failing to comply with the Office’s
target examination and filing false information.
· Failing to fulfill statutory and
contractual obligations to its residents, the estates of former residents, and
prospective residents. This includes providing inaccurate disclosures to prospective residents and failing to pay more than $4 million in refunds owed
· Continuing to take on new residents
while being financially insolvent.
· Engaging in fraudulent or dishonest
practices of management in the conduct of business.
Both of these Initial Orders
of Suspension are non-final Orders, and University Village is entitled to
request an administrative hearing before an independent Administrative Law
Judge with the Division of Administrative Hearings. University Village has 21
days to elect such a proceeding.
University Village is located
in Hillsborough County, Florida and has been operating as a CCRC since 1987.