NY S04489

Expands authorization for school districts to establish insurance reserve funds under General Municipal Law Section 6-n, allowing any school district (not just specified ones) to create such funds pursuant to a collective bargaining agreement.

Requires that insurance reserve fund amounts be determined by a qualified and independent actuary certified by the American Academy of Actuaries to be 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(a) of the Insurance Law.

Removes the prior limitation that listed specific school districts eligible to establish reserve funds, replacing it with language allowing any school district to do so under collective bargaining agreements.

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