New York A09486 amends oversight provisions for continuing care retirement communities.
New York A09486 amends provisions for oversight of continuing care retirement communities. It revises the powers and duties of the commissioner, including reviewing applications, coordinating oversight, and establishing standards for fees. The bill also modifies the requirements for operators to maintain reserve liabilities and submit annual statements. Additionally, it updates the criteria for approving applications for certificate of authority, including actuarial reviews and market feasibility studies.
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