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NY A04624
Bill
Status
2/21/2023
Primary Sponsor
John McGowan
Click for details
AI Summary
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Creates Article 81 of the Insurance Law establishing joint insurance funds that municipal corporations can form by resolution to pool insurance coverage.
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Authorizes joint funds to cover liability, property damage, workers' compensation, loss or theft of money/securities, blanket bonds for municipal officers and employees, environmental impairment liability claims with legal representation, and group health or term life insurance.
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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 the superintendent approves a higher amount.
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Permits a separate joint fund option solely for environmental impairment liability and legal representation coverage with superintendent approval.
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Takes effect 120 days after becoming law, with authority to adopt necessary rules and regulations immediately upon enactment.
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
referred to insurance
1/3/2024