Bill > S105

This bill establishes a comprehensive regulatory framework for Continuing Care Retirement Communities (CCRCs) in North Carolina, creating detailed requirements for providers who offer long-term housing and care services to seniors. The bill provides extensive provisions covering licensing, financial reporting, resident protections, and oversight by the North Carolina Department of Insurance. Key provisions include mandating that providers obtain specific licenses, maintain operating reserves, file detailed financial statements, create disclosure statements for residents, and submit to regular examinations. The legislation aims to protect residents by ensuring providers are financially stable, transparent about their operations, and capable of fulfilling their long-term care obligations. Providers must meet stringent requirements regarding financial reporting, actuarial studies, escrow accounts for entrance fees, and resident communication. The bill also establishes penalties for non-compliance, creates a Continuing Care Advisory Committee, and ensures residents have rights to information and organization. Notably, the bill applies to both for-profit and nonprofit providers and covers various types of continuing care arrangements, including traditional CCRCs and continuing care at home programs. The act will become effective on December 1, 2025, and will apply to new and amended contracts from that date forward.

https://www.ncleg.gov/BillLookUp/2025/S105