WASHINGTON, DC – Florida Insurance Commissioner Kevin McCarty today offered testimony before the U.S. Senate Special Committee on Aging. His
testimony focused on Florida’s regulatory framework for monitoring continuing care retirement communities (CCRCs). Florida law defines CCRCs as facilities that furnish shelter and either nursing care or personal services upon payment of an entrance fee pursuant to a contract.
Chairman Herbert Kohl (D-WI) and Ranking Member Bob Corker (R-TN) asked the Commissioner to testify since Florida is known for having some of the most extensive consumer protections in the country for CCRCs. In fact, Florida's law is often used as a model law for other states that regulate these entities. Florida’s CCRC law continues to evolve -- in 2010, the Florida Legislature expanded disclosure requirements of certain information and reports to residents and prospective residents. The bill, HB 1253, was signed by Gov. Crist and became effective July 1.
The Commissioner's testimony focused on four areas of Florida's regulatory focus: 1) verifying that CCRC owners and management are responsible; 2) ensuring information is properly disclosed to residents and prospective residents; 3) ensuring compliance with licensure requirements; and 4) providing financial oversight of CCRC facilities.
Currently, there are 73 licensed CCRCs in Florida serving nearly 30,000 residents. The total revenue reported for Florida CCRCs was approximately $1.4 billion in 2009.
About the Florida Office of Insurance RegulationThe Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.
For more information about the Office, please visit
www.floir.com.