S 922: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 922 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sens. GALLIVAN, TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to authorizing all school districts to establish reserve funds The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (a) of subdivision 2 of section 6-n of the gener- 2 al municipal law, as separately amended by chapters 486, 515 and 525 of 3 the laws of 2024, is amended to read as follows: 4 (a) The governing board of any municipal corporation may establish a 5 reserve fund to be known as the insurance reserve fund. Upon the 6 creation of the fund, the municipality may make expenditures from the 7 fund for any loss, claim, action or judgment for which the municipal 8 corporation is authorized or required to purchase or maintain insurance, 9 except those kinds of risks for which insurance is authorized pursuant 10 to paragraph one, two, three, fifteen, sixteen, seventeen, eighteen, 11 twenty-two or twenty-three of subsection (a) of section one thousand one 12 hundred thirteen of the insurance law, or for payments in lieu of 13 contributions under article eighteen of the labor law; provided however, 14 that no municipality shall make an expenditure from such fund for any 15 loss, claim, action or judgment for which the municipal corporation has 16 established a reserve fund under any other provision of law; provided, 17 further that the Scarsdale union free school district, the Mamaroneck 18 union free school district, the Minisink Valley central school district, 19 the Vernon Verona Sherrill central school district, the Ithaca city 20 school district, the Kenmore-Town of Tonawanda union free school 21 district, the Bedford central school district, the Grand Island central 22 school district, the Tonawanda city school district, the enlarged city 23 school district of Middletown, the Frontier central school district, the 24 Owego Apalachin central school district, the Maine-Endwell central EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02901-01-5 
 S. 922 2 1 school district, the Binghamton city school district, the Candor central 2 school district, the Cleveland Hill union free school district, the 3 Depew union free school district, the Iroquois central school district, 4 the Liverpool central school district, the Auburn enlarged city school 5 district, the Carmel central school district, the Clarence central 6 school district, the Fulton city school district, and the Canastota 7 central school district and any other school district, pursuant to a 8 collective bargaining agreement, may establish insurance reserve funds 9 in compliance with this section and article seventy-four of the educa- 10 tion law and such school districts may make expenditures in compliance 11 with this section and article seventy-four of the education law, in an 12 amount and manner determined by a qualified and independent actuary 13 certified by the American Academy of Actuaries to be reasonable and 14 necessary, from such reserve fund for any loss, claim, action or judg- 15 ment for which the school districts are authorized or required to 16 purchase or maintain insurance for the kinds of risks for which insur- 17 ance is authorized pursuant to paragraph three of subsection (a) of 18 section one thousand one hundred thirteen of the insurance law. 19 § 2. This act shall take effect on the first of July next succeeding 20 the date on which it shall have become a law.