Bill Text: NY S07528 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to limitations on expenditures from the insurance reserve fund and narrows the exclusions.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-05-31 - REFERRED TO LOCAL GOVERNMENT [S07528 Detail]

Download: New_York-2011-S07528-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7528
                                   I N  S E N A T E
                                     May 31, 2012
                                      ___________
       Introduced  by  Sens.  MARTINS,  OPPENHEIMER  --  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 limitations on
         expenditures from the insurance reserve fund
         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 amended by chapter 350 of  the  laws  of  1988,  is
    3  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.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15811-01-2