Committee backs modernization of continuing-care retirement community statute, requiring quarterly financial reporting and member protections

CONCORD — The House Health Insurance Committee moved to report a rewritten continuing-care retirement community (CCRC) statute, updating provisions adopted in 1989 and adding new protections and financial reporting requirements.

Steve Nottinger, an attorney with the New Hampshire Insurance Department, told the committee the bill modernizes nearly every section of the 1989 statute. "The continuing care retirement, community bill that you have is, a rewrite of an existing bill that was, that was, approved in in 1989. It's designed to modernize the bill and also add protections that we've, deemed necessary based upon our experience with CCRCs," Nottinger said.

Key changes described in testimony include a quarterly financial reporting requirement to provide an early warning when a CCRC—s finances deteriorate; creation of a bill of rights for residents to clarify resident protections; and clarified rules on entrance fees and removal of residents for safety reasons. Department witnesses said the changes would let regulators act more quickly if a CCRC faces financial difficulty.

The committee recorded a voice/hand vote in favor of the bill (chair recorded group tallies). The motion to report the bill as "ought to pass" was made and carried during the hearing.

What changed: the proposed legislation replaces the 1989 provisions with modernized language, requires quarterly reporting of CCRC finances to the Insurance Department and establishes clearer procedural protections for residents.

Votes: committee members recorded the motion to pass as carried (chair recorded yes votes).