§ 3653 — Insurance reserve funds

New York § 3653

• Jurisdiction: New York
• Law EDN: Education
• Title 5: Taxation and Financial Administration
• Art. 74: Reserve Funds

Text

* § 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