Adopting Actuarial Standards for States Charged with Oversight for CCRCs: Washington State’s Legislature Takes Another Important Step
Once the Governor signs 2SHB 2384, the actuarial provisions will be further implemented through regulations.
The State of Washington is setting the stage for a strong CCRC environment by addressing core concerns raised by residents about financial soundness; the latest legislation requires Continuing Care and Life Plan Communities who offer “life care contracts,” to conduct “actuarial analyses” and to file written, certified reports. A central purpose of the process is to determine the company’s “ability to meet its overall contract obligations under life care contracts . . . under moderately …
