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IntroducedFeb 26, 2025
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Passed House
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Passed Senate
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Signed into Law
Insurance Regulations; Requires documentation supporting that financial considerations & payments to affiliates by reciprocal insurers are fair & reasonable; authorizes reciprocal insurers to require subscriber contributions; provides applicability of specialty insurer provisions & nonapplicability of continuing care provider requirements to bondholders; specifies circumstances under which continuing care providers may withdraw specified percentage of required minimum liquid reserve; provides that continuing care & continuing care at-home contracts are not subordinate to any secured claims & must be treated with higher priority over all other claims in event of receivership or liquidation proceedings against continuing care provider; requires each continuing care facility to have its own designated resident representative; provides requirements for providers who borrow or solicit funds from residents; prohibits persons from acting or holding themselves as management companies for continuing care retirement communities without certificate of authority; provides guidelines for commissioner to determine if provider or facility is insolvent or in imminent danger of becoming insolvent; requires office to record notices of lien against continuing care facilities' properties.
Last Action See all actions
House • Feb 26, 2025: Withdrawn prior to introduction
Latest Bill Text See all bill texts
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- Feb 26, 2025 | House
- Filed
- Withdrawn prior to introduction
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