The bill seeks to strengthen the regulatory framework for continuing care retirement communities (CCRCs) in Washington State by expanding definitions and introducing new requirements. It redefines "continuing care retirement community" to include "life plan community" and establishes a new definition for "life care contract." Applicants for CCRC registration will now be required to submit detailed documentation, including residency agreements and audited financial statements, along with an actuarial analysis for those offering life care contracts, with these provisions taking effect on July 1, 2027. The Department of Social and Health Services will oversee the application review process and ensure compliance with disclosure requirements.

Additionally, the bill enhances confidentiality measures regarding documents related to actuarial analyses, stating that materials submitted by applicants or the Department are confidential and exempt from public disclosure. It also outlines the responsibilities of the Insurance Commissioner in reviewing these analyses and mandates the preparation of an implementation status report by December 1, 2026, to assess the need for independent reviews and propose a fee structure. The new provisions will take effect on July 1, 2027, while the implementation report requirement will expire on January 1, 2028.

Statutes affected:
Original bill: 18.390.010, 18.390.030, 18.390.040, 18.390.050, 48.02.065
Substitute bill: 18.390.010, 18.390.030, 18.390.040, 18.390.050, 48.02.065
Second substitute: 18.390.010, 18.390.030, 18.390.040, 18.390.050, 48.02.065
Bill as passed Legislature: 18.390.010, 18.390.030, 18.390.040, 18.390.050, 48.02.065