Bill > H357

This bill establishes a comprehensive new legal framework for Continuing Care Retirement Communities (CCRCs) in North Carolina, replacing the existing regulations. The bill creates detailed requirements for providers of continuing care services, including extensive provisions for licensing, financial reporting, resident protections, and regulatory oversight by the North Carolina Department of Insurance. Key provisions include mandating that providers obtain specific licenses, maintain operating reserves, file annual financial statements and disclosure documents, hold semiannual meetings with residents, and follow strict guidelines for entering into continuing care contracts. The bill requires providers to be transparent about their financial condition, fees, and services, and provides mechanisms for the Commissioner of Insurance to monitor and intervene if a provider becomes financially unstable. It also establishes residents' rights to form councils, receive regular information about the community's operations, and provides legal protections against potential financial mismanagement. The legislation applies to both for-profit and nonprofit continuing care retirement communities and includes provisions for everything from initial licensing to potential rehabilitation or liquidation of a provider. The bill becomes effective on December 1, 2025, and will apply to new and amended contracts issued on or after that date.

Budget and Finance, Business and Industry, Government Affairs, Justice

https://www.ncleg.gov/BillLookUp/2025/H357