TAMPA — The University Village retirement home may no longer be able to take on new residents after receiving two initial orders of suspension issued Tuesday by the Florida Office of Insurance Regulation.
The home is accused of filing false information, failing to pay more than $4 million in refunds to residents, taking on new residents while being "financially insolvent" and conducting business in a fraudulent or dishonest manner, according to the agency.
The retirement home has 21 days to appeal both suspension orders. If the home choose not to appeal, or loses its appeals, it will no longer be allowed to house new residents. The home will, however, be obligated to honor the contracts of existing residents, said agency spokeswoman Amy Bogner.
The first suspension order says new owner IMH Healthcare, LLC acquired the home illegally. As a new general partner, according to the state, IMH did not have the insurance office's approval to operate as a licensed Continuing Care Retirement Community in Florida.
The second order alleges University Village violated several Florida Insurance Code provisions, such as failing to refund owed money to residents.
University Village has been operating as a continuing care retirement community since 1987, the state said.