NY S08802

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

Restructures the Continuing Care Retirement Community Council by removing Senate confirmation requirement for gubernatorial appointees and changing the council's role from "assisting" to "advising" the commissioner, with recommendations going to the commissioner rather than the governor and legislature

Requires operators to file annual statements and financial documents with both the Commissioner of Health and the Superintendent of Financial Services, including actuarial reviews and projected revenue summaries

Grants the Superintendent of Financial Services authority to conduct examinations of CCRCs at least every three years, access operator records, and makes CCRCs subject to Article 74 of the Insurance Law (relating to rehabilitation and liquidation proceedings)

Amends the effective date provisions of a 2025 law (S. 4585/A. 1464-A) by repealing the delayed implementation section and making changes take effect immediately upon that law's enactment