Assembly Bill A7118

2019-2020 Legislative Session

Relates to insurance reserve funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A7118 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Education Law
Laws Affected:
Amd §3653, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8189
2021-2022: A5138

2019-A7118 (ACTIVE) - Summary

Relates to insurance reserve funds; establishes that such reserve funds shall not exceed twenty percent of prior year actual expenditures for accident and health insurance.

2019-A7118 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7118
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 9, 2019
                                ___________
 
 Introduced  by  M.  of  A.  BENEDETTO  --  read once and referred to the
   Committee on Education
 
 AN ACT to amend the education law,  in  relation  to  insurance  reserve
   funds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 3653 of the education law, as separately amended by
 chapters 414 and 416 of the laws of 2016, is amended to read as follows:
   § 3653. Insurance reserve funds. In addition to the provisions of this
 article and to the provisions of section six-n of the general  municipal
 law,  any  school  district  that establishes and maintains an insurance
 reserve fund to make expenditures from such reserve fund for  any  loss,
 claim,  action,  or judgment for which the school district is authorized
 or required to purchase or maintain insurance for the kinds of risks for
 which insurance is authorized pursuant to paragraph three of  subsection
 (a) of section eleven hundred thirteen of the insurance law, pursuant to
 section  six-n of the general municipal law or any other chapter of law,
 shall make all reserve fund transactions transparent to  the  public  by
 adopting  a  written  insurance reserve fund policy, to be posted on the
 school district's website, that includes: the  purpose  of  the  reserve
 fund,  the  optimal  amount of funding of the reserve fund, its intended
 duration, the conditions under which reserve fund assets will be used or
 replenished, a periodic analysis by the school board of the reserve fund
 balances to determine if reserves  are  at  reasonable  and  appropriate
 levels,  how  the  school  authorities  should  reduce  reserve funds to
 reasonable levels when conditions warrant, how school  authorities  will
 discontinue  the  reserve  fund  if  no longer needed and any additional
 policies that the school authorities deem  appropriate.    SUCH  RESERVE
 FUND  SHALL  NOT EXCEED TWENTY PERCENT OF PRIOR YEAR ACTUAL EXPENDITURES
 FOR  HEALTH  INSURANCE  AUTHORIZED  PURSUANT  TO  PARAGRAPH   THREE   OF
 SUBSECTION (A) OF SECTION ELEVEN HUNDRED THIRTEEN OF THE INSURANCE LAW.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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