Section 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  article
  seventy-four,  the superintendent shall consult with the continuing care
  retirement community council established pursuant to  section  forty-six
  hundred two of the public health law.