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NY A04953
Bill
Status
2/27/2023
Primary Sponsor
John McDonald
Click for details
AI Summary
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Amends General Municipal Law Section 6-n to allow any school district to establish an insurance reserve fund, previously limited to specific named districts.
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Requires insurance reserve funds to be established in amounts and manner determined by a qualified and independent actuary certified by the American Academy of Actuaries as reasonable and necessary.
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Permits school districts to make expenditures from reserve funds for losses, claims, actions, or judgments related to risks authorized under paragraph three of subsection (a) of Insurance Law Section 1113.
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Requires school districts to establish such funds pursuant to a collective bargaining agreement.
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Takes effect July 1 following enactment into law.
Legislative Description
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.
Last Action
referred to education
1/3/2024