Conn. Agencies Regs. § 17b-533-4 - Escrow accounts

(a) No escrow agreement entered into pursuant to this section shall be deemed to meet the requirements of the Act or these regulations if it provides either for withdrawals contrary to the terms of the Act, or for changes in terms of the escrow agreement in regard thereto without prior notification to the commissioner of the proposed changes.

(b) Every escrow agreement shall contain, either in the original agreement, or in an amendment thereto, the requirement of prior notification to the commissioner as set forth in subsection (a), above.

(c) In the event the commissioner determines that an escrow agreement filed with the department does not meet the requirement of the Act and this section of the regulations, the commissioner may take such action as is consistent with the Act and these regulations.

(d) A provider may submit any existing or proposed escrow agreement to the department for an informal review. Notwithstanding either favorable or adverse comments thereon, such informal review or comments shall in no way be construed to be the position of the department, which can only be determined after such instrument is formally reviewed.

Notes

Conn. Agencies Regs. § 17b-533-4

Effective January 31, 1996