The bill SB 124-FN aims to enhance the regulatory framework governing continuing care retirement communities (CCRCs) in New Hampshire by introducing several new requirements and provisions. Key insertions include the establishment of certificate of authority requirements, annual reporting requirements, and life care contract requirements. The bill also revises escrow requirements for entrance fees and specifies the notice required for contract cancellations. Additionally, it introduces a "Residents' Bill of Rights," mandates that providers notify the insurance department of any intended sale or transfer of the community, and requires comprehensive financial disclosures to ensure transparency and protect residents' interests. The legislation recognizes the significant financial stakes for residents, who often invest their life savings into these communities, and aims to mitigate risks associated with insolvency or bankruptcy. It emphasizes the need for regulation to ensure that facilities operate adequately and protect senior citizens' interests. The bill outlines specific violations that could lead to the revocation of a provider's certificate of authority, mandates annual financial reporting, and establishes protocols for temporary and permanent facility closures. Overall, SB 124-FN seeks to improve consumer protection, financial accountability, and the rights of residents within CCRCs, ensuring they are well-informed and safeguarded against potential risks.