Continuing Care Retirement Communities Act.-AB

SB 105 creates the "Continuing Care Retirement Communities Act" to regulate CCRCs in North Carolina. It requires all providers (both for-profit and nonprofit) to obtain a license from the Department of Insurance and undergo annual financial reviews by actuaries to ensure they can meet long-term care obligations. The law mandates that entrance fees and deposits paid by residents be held in escrow accounts, with specific requirements for financial transparency and solvency checks. This directly affects CCRC residents who pay upfront fees and providers who must now comply with these new oversight standards to protect residents' savings. The bill aims to prevent financial harm to older adults if a provider becomes insolvent.