OK SB1374

Amends the definition of "not-for-profit life care community" to require an actuarially established endowed prepayment, license, or entry fee to cover promised services and accommodations

Requires communities commencing operations after January 1, 2016 to obtain independent actuarial determinations prior to opening and annually thereafter, including mortality/morbidity data and a signed actuary's opinion of feasibility

Excludes facilities with endowed prepayment, license, or entry fees of less than $50,000 from the definition of not-for-profit life care community

Effective date: November 1, 2016