Who oversees CCRCs and their financial operations?
The financial operation and solvency of CCRCs are closely monitored by the North Carolina Department of Insurance. Laws require that reservation deposits and entrance fees be placed in an individual escrow account at a financial institution approved by the state. These funds remain in escrow until the community proves that it has met stringent state requirements. The state continues to regulate the community after the release of the funds and requires the community to maintain sufficient cash reserves.
