§ 1119 — Limited exemption for continuing care retirement communities

New York § 1119

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 11: Licensing of Insurers

Text

* § 1119. Limited exemption for continuing care retirement\ncommunities. (a) An organization complying with the provisions of\narticle forty-six of the public health law may operate without being\nlicensed under this chapter and without being subject to any provisions\nof this chapter, except to the extent that such organization must comply\nwith the provisions of this chapter by virtue of such article, and such\norganization must comply with rules and regulations of the\nsuperintendent relating to:\n (1) financial feasibility of the continuing care retirement community,\n (2) actuarial principles established relating to such communities,\n (3) approval of continuing care retirement contracts and the rates and\nrating system, if any, for such contracts.\n (b) The superintendent may promulgate regulations in effectuating the\npurposes and the provisions of this chapter and article forty-six of the\npublic health law, which may include requirements applicable to the\ncontracts between a continuing care retirement community and its\nresidents.\n (c) Such organization shall be subject to the provisions of article\nseventy-four of this chapter. Prior to commencing action under article\nseventy-four, the superintendent shall consult with the continuing care\nretirement community council established pursuant to section forty-six\nhundred two of the public health law.\n * NB Effective until June 1, 2026\n * § 1119. Limited exemption for continuing care retirement\ncommunities. An organization complying with the provisions of article\nforty-six of the public health law may operate without being licensed\nunder this chapter and without being subject to any provisions of this\nchapter, except to the extent that such organization must comply with\nthe provisions of this chapter by virtue of such article.\n * NB Effective June 1, 2026\n