Bill > A06860

This bill amends the insurance law to allow municipal corporations to establish joint insurance funds for a variety of purposes. Specifically, municipal governments can create collaborative insurance programs to cover risks such as liability, property damage, workers' compensation, loss or theft of money or securities, and provide blanket bond coverage for county or municipal officers and employees. The joint insurance funds can also provide group health and life insurance for employees and their dependents through self-insurance, commercial insurance, or a combination of methods. Additionally, the bill allows municipalities to create joint insurance funds specifically for environmental impairment liability claims. The bill sets some limitations, such as capping self-insured group term life insurance at a maximum face amount of $5,000 per covered employee or dependent (with potential superintendent approval for higher amounts). The legislation will take effect 120 days after becoming law, and regulatory preparations can begin immediately.

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https://www.nysenate.gov/legislation/bills/2025/A6860