Bill Text: NY A00114 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes school districts to establish an insurance reserve fund in an amount and manner determined by a qualified and independent actuary certified by the American Academy of Actuaries to be reasonable and necessary.

Spectrum: Moderate Partisan Bill (Democrat 11-2)

Status: (Introduced - Dead) 2020-01-08 - referred to education [A00114 Detail]

Download: New_York-2019-A00114-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         114--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 9, 2019
                                       ___________

        Introduced  by  M.  of A. BUCHWALD, GALEF, ZEBROWSKI, SEAWRIGHT, RIVERA,
          BARRON, CAHILL, LAVINE, CROUCH, COOK, ORTIZ -- Multi-Sponsored  by  --
          M.  of A. BARCLAY, SIMON -- read once and referred to the Committee on
          Education -- committee discharged, bill amended, ordered reprinted  as
          amended and recommitted to said committee

        AN  ACT  to  amend the general municipal law, in relation to authorizing
          all school districts to establish reserve funds

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (a) of subdivision 2 of section 6-n of the gener-
     2  al  municipal  law, as separately amended by chapters 414 and 416 of the
     3  laws of 2016, is amended to read as follows:
     4    (a) The governing board of any municipal corporation may  establish  a
     5  reserve  fund  to  be  known  as  the  insurance  reserve fund. Upon the
     6  creation of the fund, the municipality may make  expenditures  from  the
     7  fund  for  any  loss,  claim, action or judgment for which the municipal
     8  corporation is authorized or required to purchase or maintain insurance,
     9  except those kinds of risks for which insurance is  authorized  pursuant
    10  to  paragraph  one,  two,  three, fifteen, sixteen, seventeen, eighteen,
    11  twenty-two or twenty-three of subsection (a) of section one thousand one
    12  hundred thirteen of the insurance  law,  or  for  payments  in  lieu  of
    13  contributions under article eighteen of the labor law; provided however,
    14  that  no  municipality  shall make an expenditure from such fund for any
    15  loss, claim, action or judgment for which the municipal corporation  has
    16  established  a  reserve fund under any other provision of law; provided,
    17  further that the Scarsdale union free school  district  and  the  Vernon
    18  Verona  Sherrill central school district may establish insurance reserve
    19  funds in compliance with this section and article  seventy-four  of  the
    20  education  law  and  the  Minisink  Valley  central and any other school
    21  district may establish insurance reserve funds in compliance  with  this

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01050-02-9
        A. 114--A                           2

     1  section  and article seventy-four of the education law, in an amount and
     2  manner determined by a qualified and independent  actuary  certified  by
     3  the  American  Academy  of Actuaries to be reasonable and necessary, and
     4  such  school  districts  may  make  expenditures in compliance with this
     5  section and article seventy-four of the education law from such  reserve
     6  fund  for  any  loss,  claim,  action  or  judgment for which the school
     7  districts are authorized or required to purchase or  maintain  insurance
     8  for  the  kinds  of  risks for which insurance is authorized pursuant to
     9  paragraph three of subsection (a) of section one  thousand  one  hundred
    10  thirteen of the insurance law.
    11    §  2.  This act shall take effect on the first of July next succeeding
    12  the date on which it shall have become a law.