New York Assembly Bill A06860 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6860 2025-2026 Regular Sessions  IN ASSEMBLY March 14, 2025 ___________ Introduced by M. of A. BLANKENBUSH -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to creating the joint insurance fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The insurance law is amended by adding a new article 81 to 2 read as follows: 3 ARTICLE 81 4 JOINT INSURANCE FUND 5 Section 8101. Joint insurance fund. 6 § 8101. Joint insurance fund. (a) The governing body of any municipal 7 corporation, may by resolution agree to join together with any municipal 8 corporation or corporations to establish a joint insurance fund for the 9 purpose of insuring against liability, property damage, and workers' 10 compensation, insuring against loss or theft of moneys or securities, 11 providing blanket bond coverage of certain county or municipal officers 12 and employees for faithful performance and discharge of their duties 13 under the public officers law, insuring against bodily injury and prop- 14 erty damage claims arising from environmental impairment liability and 15 legal representation therefor to the extent that such coverages, as 16 approved by the superintendent, are provided by the purchase of insur- 17 ance and no risk is retained by the fund, providing contributory or 18 non-contributory group health insurance or group term life insurance, or 19 both, to employees or their dependents or both, through self insurance, 20 the purchase of commercial insurance or reinsurance, or any combination 21 thereof, and insuring against any loss from liability associated with 22 sick leave payment for service connected disability, and may appropriate 23 such moneys as are required therefor. The maximum risk to be retained 24 for group term life insurance by a joint insurance fund on a self-in- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10818-01-5 
 A. 6860 2 1 sured basis shall not exceed a face amount of five thousand dollars per 2 covered employee or dependent or more if approved by the superintendent. 3 (b) The governing body of any municipal corporation, may by resolution 4 agree to join together with any other municipal corporation to establish 5 a joint insurance fund for the sole purpose of insuring against bodily 6 injury and property damage claims arising from environmental impairment 7 liability and legal representation therefor to the extent and for cover- 8 ages approved by the superintendent. 9 § 2. This act shall take effect on the one hundred twentieth day after 10 it shall have become a law. Effective immediately, the addition, amend- 11 ment and/or repeal of any rule or regulation necessary for the implemen- 12 tation of this act on its effective date are authorized to be made and 13 completed on or before such effective date.