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Press Release

Florida Insurance Commissioner Issues Initial Orders of Suspension to Tampa-Based University Village, a Continuing Care Retirement Community
Wednesday, March 16, 2016
Contact Info:

Amy Bogner
(850) 413-2515                      
press@floir.com                     

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 Code.

The second Initial 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 to residents.  

               ·       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.  


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Contact Info:

Amy Bogner
(850) 413-2515                      
press@floir.com                     

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm and Facebook

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