Requires long-term care facilities to obtain liability insurance or maintain a reserve account to cover certain losses

This bill requires long-term care facilities to carry at least $2 million in liability insurance to cover losses from abuse, neglect, or wrongful death caused by the facility's negligent or criminal acts. Operators can avoid this insurance requirement if they instead maintain a separate reserve account of at least $2 million specifically set aside for these potential losses. The legislation also outlines specific grounds for revoking a facility's license, such as failing to meet safety standards, refusing inspections, or having operators with relevant felony convictions. Additionally, the bill mandates that license revocations be communicated in writing with at least ten days' notice before they take effect. These measures directly impact the financial and operational compliance standards for entities providing long-term care services.