Bill Text: NY S02065 | 2021-2022 | 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: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2022-02-09 - PRINT NUMBER 2065A [S02065 Detail]

Download: New_York-2021-S02065-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2065--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 19, 2021
                                       ___________

        Introduced  by  Sens.  JORDAN,  AKSHAR, BOYLE, GALLIVAN, TEDISCO -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Local Government -- recommitted to the Committee on Local
          Government  in  accordance  with  Senate  Rule  6, sec. 8 -- 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 212, 215,  290,  353
     3  and 354 of the laws of 2021, 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, the Mamaroneck
    18  union free school district, the Minisink Valley central school district,
    19  the Vernon Verona Sherrill central  school  district,  the  Ithaca  city
    20  school  district,  the  Kenmore-Town  of  Tonawanda  union  free  school
    21  district, the Bedford central school district, the Grand Island  central

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00809-02-2
        S. 2065--A                          2

     1  school  district,  the Tonawanda city school district, the enlarged city
     2  school district of Middletown, the Frontier central school district, the
     3  Owego Apalachin central school district the Maine-Endwell central school
     4  district  the  Binghamton city school district, and the Depew union free
     5  school district, and the  Liverpool  central  school  district  and  the
     6  Carmel  central  school district and any other school district, pursuant
     7  to a collective bargaining agreement, may  establish  insurance  reserve
     8  funds  in  compliance  with this section and article seventy-four of the
     9  education law, in an amount and manner determined  by  a  qualified  and
    10  independent actuary certified by the American  Academy  of Actuaries  to
    11  be reasonable and necessary, and such school districts may make expendi-
    12  tures  in  compliance  with this section and article seventy-four of the
    13  education law from such reserve fund for  any  loss,  claim,  action  or
    14  judgment  for  which  the school districts are authorized or required to
    15  purchase or maintain insurance for the kinds of risks for  which  insur-
    16  ance  is  authorized  pursuant  to  paragraph three of subsection (a) of
    17  section one thousand one hundred thirteen of the insurance law.
    18    § 2. This act shall take effect on the first of July  next  succeeding
    19  the date on which it shall have become a law.