Bill > S07488

This bill authorizes the New York Municipal Bond Bank Agency to enter into agreements with the New York Schools Insurance Reciprocal (NYSIR), a statewide insurance program for public school districts, to issue special "statewide municipal reciprocal program bonds" up to $75 million. The bill provides a legal framework for helping NYSIR restore its industry-required financial surplus by allowing it to receive bond proceeds. Key provisions include defining new terms like "statewide municipal reciprocal program premiums" and establishing a mechanism for the agency to issue bonds specifically to support NYSIR. The legislation also creates a process where if NYSIR fails to make required payments, the state comptroller can withhold and redirect its premium revenues to cover the shortfall. The bill recognizes that NYSIR was created when property and casualty insurance was difficult for public schools to obtain, and aims to provide NYSIR with more financial flexibility to continue supporting public school districts across New York state.

Business and Industry, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7488