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Assembly Bill A5138

2021-2022 Legislative Session

Relates to insurance reserve funds

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Archive: Last Bill Status - In Assembly Committee

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2021-A5138 (ACTIVE) - Details

Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Amd §3653, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8189
2019-2020: A7118

2021-A5138 (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.

2021-A5138 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5138
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2021
                                ___________
 
 Introduced  by M. of A. BENEDETTO, COLTON, JACKSON -- Multi-Sponsored by
   -- M. of A.  TAYLOR -- 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.

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