NY A09486

Transfers financial oversight responsibilities for continuing care retirement communities (CCRCs) from the Health Commissioner to the Superintendent of Financial Services, including approval of actuarial principles, financial feasibility, contract rates, and rating methodologies

Restructures the Continuing Care Retirement Community Council by removing Senate confirmation requirements for the eight public members appointed by the Governor and changing the council's role from "assisting" to "advising" the commissioner

Requires the Superintendent of Financial Services to approve entrance fees, monthly care fees, and any fee increases that exceed approved rating methodologies, rather than the Health Commissioner

Grants the Superintendent of Financial Services authority to promulgate regulations for CCRCs and subjects these communities to Article 74 of the Insurance Law, with consultation required from the CCRC council before taking action

Repeals the delayed implementation provisions from the 2025 law (S. 4585/A. 1464-A) and makes all amendments take effect immediately upon enactment