Bill > HB2384

This bill aims to increase regulatory oversight of continuing care retirement communities, which are entities that provide housing and care for over a year under a residency agreement, often involving an entrance fee. Key provisions include requiring these communities to submit actuarial analyses for review by the Office of the Insurance Commissioner (OIC) when offering "life care contracts" (contracts that provide care for life or over a year, conditioned on an entrance fee and recurring charges that don't change based on care setting). The OIC will establish standards for reviewing these actuarial analyses to ensure the communities can meet their financial obligations, and the Department of Social and Health Services (DSHS) will consider the OIC's review in its registration decisions. The bill also clarifies definitions, expands the types of entities that cannot represent themselves as continuing care retirement communities without registration, and designates certain information related to actuarial reviews as confidential. The OIC is tasked with developing a process for these reviews and will report on its implementation status and fee structure by December 1, 2026, with the new requirements taking effect on July 1, 2027.

Budget and Finance, Health and Social Services

https://app.leg.wa.gov/billsummary?BillNumber=2384&Year=2025&Initiative=false