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Assembly Bill A4953

2023-2024 Legislative Session

Authorizes school districts to establish an insurance reserve fund

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Archive: Last Bill Status - In Assembly Committee

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2023-A4953 (ACTIVE) - Details

See Senate Version of this Bill:
S4489
Current Committee:
Assembly Education
Law Section:
General Municipal Law
Laws Affected:
Amd §6-n, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10145
2019-2020: A114, S2067
2021-2022: A4940, S2065
2025-2026: S922

2023-A4953 (ACTIVE) - Summary

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.

2023-A4953 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4953
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Education
 
 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:

   Section 1. Paragraph (a) of subdivision 2 of section 6-n of the gener-
 al  municipal  law, as separately amended by chapters 251 and 338 of the
 laws of 2022, is amended to read as follows:
   (a) The governing board of any municipal corporation may  establish  a
 reserve  fund  to  be  known  as  the  insurance  reserve fund. Upon the
 creation of the fund, the municipality may make  expenditures  from  the
 fund  for  any  loss,  claim, action or judgment for which the municipal
 corporation is authorized or required to purchase or maintain insurance,
 except those kinds of risks for which insurance is  authorized  pursuant
 to  paragraph  one,  two,  three, fifteen, sixteen, seventeen, eighteen,
 twenty-two or twenty-three of subsection (a) of section one thousand one
 hundred thirteen of the insurance  law,  or  for  payments  in  lieu  of
 contributions under article eighteen of the labor law; provided however,
 that  no  municipality  shall make an expenditure from such fund for any
 loss, claim, action or judgment for which the municipal corporation  has
 established  a  reserve fund under any other provision of law; provided,
 further that the Scarsdale union free school  district,  the  Mamaroneck
 union free school district, the Minisink Valley central school district,
 the  Vernon  Verona  Sherrill  central  school district, the Ithaca city
 school  district,  the  Kenmore-Town  of  Tonawanda  union  free  school
 district,  the Bedford central school district, the Grand Island central
 school district, the Tonawanda city school district, the  enlarged  city
 school district of Middletown, the Frontier central school district, the
 Owego  Apalachin  central  school  district,  the  Maine-Endwell central
 school district, the Binghamton city school district, the Candor central
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09087-01-3

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