NY S07702

Amends General Municipal Law to allow any school district to establish insurance reserve funds, removing previous restrictions that limited this authority to specific named districts (Scarsdale Union Free School District, Vernon Verona Sherrill Central School District, and Minisink Valley Central School District).

Requires that insurance reserve funds be established in amounts and manner determined by a qualified and independent actuary certified by the American Academy of Actuaries as reasonable and necessary.

Permits school districts to make expenditures from reserve funds for losses, claims, actions, or judgments related to risks authorized under paragraph three of section 1113 of the Insurance Law, in compliance with Article 74 of the Education Law.

Takes effect on July 1 following the date the bill becomes law.