The bill aims to enhance regulatory oversight of continuing care retirement communities (CCRCs) in Washington State by expanding the definition of "continuing care retirement community" to include "life plan community" and introducing a new definition for "life care contract." It requires applicants for CCRC registration to submit comprehensive documentation, including residency agreements and audited financial statements, along with an actuarial analysis for those offering life care contracts, effective July 1, 2027. The Department of Social and Health Services will evaluate registration applications based on their completeness and the results of satisfactory actuarial analysis reviews. Additionally, the bill establishes a collaborative review process between the Department and the Office of the Insurance Commissioner to ensure CCRCs can fulfill their contractual obligations.

The legislation also emphasizes the confidentiality of documents related to the actuarial analyses and outlines specific circumstances under which the commissioner must disclose certain documents, particularly concerning financial or market conduct examinations. It allows individuals to petition a Washington state superior court for access to otherwise exempt information in cases of alleged negligence or malfeasance by the commissioner, with the court having the authority to conduct in-camera reviews. The bill includes provisions to protect the confidentiality of submitted materials and prohibits unregistered entities from misrepresenting themselves as registered CCRCs or life plan communities, ultimately aiming to improve consumer protection and financial stability within the CCRC sector.

Statutes affected:
Original bill: 18.390.010, 18.390.030, 18.390.040, 18.390.050, 48.02.065