The bill seeks to strengthen the regulatory framework governing continuing care retirement communities (CCRCs) in Washington State by updating existing laws and introducing new requirements. It expands the definition of "continuing care retirement community" to include "life plan community" and introduces the concept of a "life care contract," which outlines the services provided under such agreements. Applicants for CCRC registration will now be required to submit comprehensive financial and operational information, including audited financial statements and an actuarial analysis prepared by a qualified actuary, which will be reviewed by the office of the insurance commissioner. This collaboration aims to ensure that CCRCs can fulfill their contractual obligations while enhancing financial stability and transparency for residents.

Additionally, the bill establishes confidentiality provisions for documents related to the commissioner's review of actuarial analyses, ensuring that such information is not subject to public disclosure. It allows individuals to petition a Washington state superior court for access to information that is otherwise exempt from public disclosure in cases of alleged negligence or malfeasance by the commissioner. The court can conduct an in-camera review and may grant access while maintaining confidentiality. The bill is set to take effect on July 1, 2027, and aims to protect the interests of current and prospective residents of CCRCs.

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