Bill Text: NY S02065 | 2021-2022 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2065 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 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 amended by chapter 246 of the laws of 2020, is 3 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 22 school district, the Tonawanda city school district, the enlarged city 23 school district of Middletown, the Frontier central school district, and 24 the Binghamton city school district and any other school district may EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00809-01-1S. 2065 2 1 establish insurance reserve funds in compliance with this section and 2 article seventy-four of the education law, in an amount and manner 3 determined by a qualified and independent actuary certified by the Amer- 4 ican Academy of Actuaries to be reasonable and necessary, and such 5 school districts may make expenditures in compliance with this section 6 and article seventy-four of the education law from such reserve fund for 7 any loss, claim, action or judgment for which the school districts are 8 authorized or required to purchase or maintain insurance for the kinds 9 of risks for which insurance is authorized pursuant to paragraph three 10 of subsection (a) of section one thousand one hundred thirteen of the 11 insurance law. 12 § 2. This act shall take effect on the first of July next succeeding 13 the date on which it shall have become a law.