N.Y. Educ. Law § 3653
Insurance reserve funds
Redline — January 1, 2017 → current.View current text →
Current — January 1, 2018
As of January 1, 2017
§ 3653. Insurance reserve funds. In addition to the provisions of this\narticle and to the provisions of section six-n of the general municipal\nlaw, any school district that establishes and maintains an insurance\nreserve fund to make expenditures from such reserve fund for any loss,\nclaim, action, or judgment for which the school district is authorized\nor required to purchase or maintain insurance for the kinds of risks for\nwhich insurance is authorized pursuant to paragraph three of subsection\n(a) of section eleven hundred thirteen of the insurance law, pursuant to\nsection six-n of the general municipal law or any other chapter of law,\nshall make all reserve fund transactions transparent to the public by\nadopting a written insurance reserve fund policy, to be posted on the\nschool district's website, that includes: the purpose of the reserve\nfund, the optimal amount of funding of the reserve fund, its intended\nduration, the conditions under which reserve fund assets will be used or\nreplenished, a periodic analysis by the school board of the reserve fund\nbalances to determine if reserves are at reasonable and appropriate\nlevels, how the school authorities should reduce reserve funds to\nreasonable levels when conditions warrant, how school authorities will\ndiscontinue the reserve fund if no longer needed and any additional\npolicies that the school authorities deem appropriate.\n
* § 3653. Insurance reserve funds. In addition to the provisions of\nthis article and to the provisions of section six-n of the general\nmunicipal law, any school district that establishes and maintains an\ninsurance reserve fund to make expenditures from such reserve fund for\nany loss, claim, action, or judgment for which the school district is\nauthorized or required to purchase or maintain insurance for the kinds\nof risks for which insurance is authorized pursuant to paragraph three\nof subsection (a) of section eleven hundred thirteen of the insurance\nlaw, pursuant to section six-n of the general municipal law or any other\nchapter of law, shall make all reserve fund transactions transparent to\nthe public by adopting a written insurance reserve fund policy, to be\nposted on the school district's website, that includes: the purpose of\nthe reserve fund, the optimal amount of funding of the reserve fund, its\nintended duration, the conditions under which reserve fund assets will\nbe used or replenished, a periodic analysis by the school board of the\nreserve fund balances to determine if reserves are at reasonable and\nappropriate levels, how the school authorities should reduce reserve\nfunds to reasonable levels when conditions warrant, how school\nauthorities will discontinue the reserve fund if no longer needed and\nany additional policies that the school authorities deem appropriate.\n * NB There are 2 § 3653's\n
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.