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Insurance commissioner backs new early‑warning oversight for continuing care retirement communities
Summary
After recent CCRC failures, the Senate Health committee heard the Insurance Department and nonprofit operators support Senate Bill 124’s requirement for quarterly financial reporting, an early‑warning system and other tools to protect residents at life‑plan communities.
The Senate Health and Human Services Committee on Tuesday took testimony on Senate Bill 124, which would modernize regulatory oversight for continuing care retirement communities (CCRCs, also called life‑plan communities) after a string of recent financial problems in the sector.
What the bill would do: SB 124 would require more frequent financial reporting, create an early‑warning process the Insurance Department can use to detect fiscal stress earlier, and give the department tools to require remediation plans, require disclosures and — in the most serious…
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