Bill > HB2384

This bill enhances regulatory oversight of continuing care retirement communities (CCRCs), also referred to as "life plan communities," which are entities providing housing and care for over a year under a residency agreement that includes an entrance fee. Key provisions include requiring CCRCs offering "life care contracts" (contracts for life or over a year, with an entrance fee that covers recurring charges regardless of care setting) to submit actuarial analyses to the Office of the Insurance Commissioner (OIC) for review, starting July 1, 2027. The OIC will establish standards for reviewing these analyses to ensure CCRCs can meet their long-term financial obligations under moderately adverse conditions. The Department of Social and Health Services (DSHS) will base registration decisions on the completeness of applications and the receipt of a satisfactory actuarial review from the OIC. The bill also clarifies that information submitted for actuarial review is confidential and outlines the OIC's authority to perform these reviews and handle appeals. Additionally, the OIC is tasked with preparing a report by December 1, 2026, on the implementation of these new requirements, including recommendations for an independent review process and a fee structure, with this reporting section expiring on January 1, 2028.

Budget and Finance, Health and Social Services

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