The call follows the collapse of Darlington-based Southern Cross, which operated 9% of all care home places.
The Public Accounts Committee says the continuing lack of checks could increase the chances of a similar crisis.
Ministers said they would be looking to put forward plans in the new year.
Martin Green, chief executive of the English Community Care Association which represents independent care home providers, said: "We certainly need to get better intelligence about what is going on in the care market."
Referring to the Southern Cross collapse, he told BBC Radio 4's Today programme: "We have to make sure the system is as robust as possible so that it doesn't happen again."
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