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Sponsors
No co-sponsors yet.
History
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7265
Title of bill
An act to amend the general municipal law, in relation to authorizing school districts to establish and maintain self-funded insurance health care rate stabilization funds
Purpose
This purpose of this legislation is to reduce year to year fluctuations in local tax assessments by authorizing municipal corporations to establish and maintain a rate stabilization reserve fund in relation to a municipal self-funded insurance health care program.
Summary of provisions
This bill would provide specific authorization for a municipal corporation to establish and maintain a self-funded insurance health care rate stabilization fund in relation to a municipal self-funded insurance health care program.
Justification
Municipal Corporations are currently authorized to provide health insurance or to self-insure to provide health insurance for its employees and retired employees. However, Section 6-n of General Municipal law prohibits municipal corporations from establishing reserve funds in relation to self-funded health insurance programs.
This legislation would provide specific authority for a municipal corporation to create health care rate stabilization funds when a municipality establishes a self-funded health insurance program
Currently, Municipal Cooperatives of more than 2 municipalities are required to establish a rate stabilization reserve fund in relation to any self-funded health care insurance programs. This legislation would simply provide the same protections for individual municipalities as provided municipalities participating in a cooperative self-funded health insurance program.
Allowing municipalities to establish health care rate stabilization funds would allow municipalities to level off large year-to-year variations in claims against a self-funded health insurance program, therefore protecting taxpayers against large variations in the annual property tax assessments resulting from unanticipated claims against the self-insured health care program.
Legislative history
New bill.
Fiscal implications
Not to State.
Effective date
This act shall take effect immediately upon becoming law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.