New York school districts can establish insurance reserve funds, determined by an actuary.

New York S00922 amends the general municipal law to allow school districts to establish insurance reserve funds. The amount and manner of these funds are determined by a qualified and independent actuary certified by the American Academy of Actuaries to be reasonable and necessary. This change applies to specific school districts and any others that enter into collective bargaining agreements. The bill specifies that these funds can be used for losses, claims, actions, or judgments for which the school districts are authorized or required to purchase insurance.

New York school districts can establish insurance reserve funds, determined by an actuary.

New York S00922 amends the general municipal law to allow school districts to establish insurance reserve funds. The amount and manner of these funds are determined by a qualified and independent actuary certified by the American Academy of Actuaries to be reasonable and necessary. This change applies to specific school districts and any others that enter into collective bargaining agreements. The bill specifies that these funds can be used for losses, claims, actions, or judgments for which the school districts are authorized or required to purchase insurance.