Continuing Care Retirement Communities Act.

HB 719 creates a new regulatory framework for continuing care retirement communities (CCRCs) in North Carolina. It requires all CCRC providers - both for-profit and nonprofit - to obtain a license from the North Carolina Department of Insurance and undergo annual financial reviews to ensure they can meet long-term care obligations. Key provisions include mandating that entrance fees and deposits be held in escrow, requiring actuarial opinions to verify financial stability, and establishing minimum debt service coverage ratios to prevent provider insolvency. The law directly affects CCRC residents (who pay entrance fees) and providers (who must now comply with these financial safeguards), aiming to protect residents’ savings if a provider faces financial trouble.