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NY A08660
Bill
Status
1/10/2022
Primary Sponsor
Michael Lawler
Click for details
AI Summary
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Allows municipal corporations to establish joint insurance funds through resolution to collectively insure against liability, property damage, and workers' compensation claims.
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Permits joint funds to provide blanket bond coverage for county and municipal officers and employees, coverage for loss or theft of moneys or securities, and group health or term life insurance through self-insurance or commercial policies.
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Limits self-insured group term life insurance to a maximum face amount of $5,000 per covered employee or dependent unless approved by the superintendent.
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Authorizes joint funds to cover bodily injury and property damage claims from environmental impairment liability and associated legal representation, subject to superintendent approval.
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Takes effect 120 days after becoming law, with immediate authority for regulatory implementation.
Legislative Description
Provides that the governing body of municipal corporation, may by resolution agree to join together with any municipal corporation or corporations to establish a joint insurance fund for the purpose of insuring against liability, property damage, and workers' compensation, insuring against loss or theft of moneys or securities, providing blanket bond coverage of certain county or municipal officers and employees for faithful performance and discharge of their duties under the public officers' law, insuring against bodily injury and property damage claims arising from environmental impairment liability and legal representation therefor to the extent that such coverages; makes related provisions.
Last Action
held for consideration in insurance
5/11/2022