Bill > H719

This bill enacts a comprehensive Continuing Care Retirement Communities Act that establishes detailed regulations for providers offering continuing care services to seniors in North Carolina. The bill aims to protect residents by implementing strict licensing, financial reporting, disclosure, and operational requirements for continuing care retirement communities. Key provisions include requiring providers to obtain various permits and licenses from the Commissioner of Insurance, maintain substantial operating reserves and escrow accounts, provide detailed disclosure statements to residents, and submit regular financial reports and actuarial studies. The bill establishes a robust framework for monitoring the financial health of providers, with specific mechanisms to address potential hazardous conditions. The act introduces several important protections for residents, such as: - Mandatory semiannual meetings between residents and provider management - Rights for residents to form a residents' council - Detailed requirements for continuing care contracts - Provisions for refunds and contract cancellations - Comprehensive financial reporting and transparency requirements The bill also creates a 12-member Continuing Care Advisory Committee to provide ongoing guidance to the Commissioner of Insurance about the continuing care retirement community industry. Providers who fail to comply with the act's provisions may face civil, criminal, and administrative penalties, including potential license revocation. The legislation will become effective on December 1, 2025, and will apply to new and amended contracts issued on or after that date.

Business and Industry

https://www.ncleg.gov/BillLookUp/2025/H719