N.Y. Insurance Law § 1119: Limited exemption for continuing care retirement communities

§ 1119. Limited exemption for continuing care retirement communities.

(a) An organization complying with the provisions of article forty-six

of the public health law may operate without being licensed under this

chapter and without being subject to any provisions of this chapter,

except to the extent that such organization must comply with the

provisions of this chapter by virtue of such article, and such

organization must comply with rules and regulations of the

superintendent relating to:

(1) financial feasibility of the continuing care retirement community,

(2) actuarial principles established relating to such communities,

(3) approval of continuing care retirement contracts and the rates and

rating system, if any, for such contracts.

(b) The superintendent may promulgate regulations in effectuating the

purposes and the provisions of this chapter and article forty-six of the

public health law, which may include requirements applicable to the

contracts between a continuing care retirement community and its

residents.

(c) Such organization shall be subject to the provisions of article

seventy-four of this chapter. Prior to commencing action under such

article seventy-four, the superintendent shall consult with the

continuing care retirement community council established pursuant to

section forty-six hundred three of the public health law.