Insolvency and Receivership. Either the appointment of a receiver to take possession of all, or substantially all, of the assets of Tenant or a general assignment by Tenant for the benefit of creditors, or any action taken or suffered by Tenant under any insolvency or bankruptcy act, shall constitute a breach of this Lease by Tenant.
Insolvency and Receivership. The Contractor must maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of one million dollars ($1,000,000) or total projected costs as calculated by the form set forth in 760 IAC 1-70-8. The Contractor must obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage must extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor must continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.
Insolvency and Receivership. The Contractor must obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage must extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor must continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.
Insolvency and Receivership. Per 42 CFR 438.604(a)(4), 42 CFR 438.606, and 42 CFR 438.116, the Contractor shall submit documentation on which the State bases its determination that the Contractor has made adequate provision against the risk of insolvency. These requirements provide that, unless the Contractor is a federally qualified HMO (as defined in Section 1310 of the Public Health Service Act), the Contractor shall: ▪ Provide assurances satisfactory to the State showing that its provision against the risk of insolvency is adequate to ensure that its members will not be liable for the Contractor's debts if the entity becomes insolvent per 42 CFR 438.106(a) and Section 1932(b)(6) of the Social Security Act. ▪ Meet the solvency standards established by the State for private health maintenance organizations or be licensed or certified by the State as a risk-bearing entity per 42 CFR 438.116(b) and Section 1903(m)(1) of the Social Security Act. The Contractor must obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage must extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor must continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.
Insolvency and Receivership. The Contractor must maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of one million dollars ($1,000,000) or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.
