2020 New York Laws
EDN - Education
Title 5 - Taxation and Financial Administration
Article 74 - Reserve Funds
3653 - Insurance Reserve Funds.

* §  3653.  Insurance  reserve funds. In addition to the provisions of
  this article and to the provisions  of  section  six-n  of  the  general
  municipal  law,  any  school  district that establishes and maintains an
  insurance reserve fund to make expenditures from such reserve  fund  for
  any  loss,  claim,  action, or judgment for which the school district is
  authorized or required to purchase or maintain insurance for  the  kinds
  of  risks  for which insurance is authorized pursuant to paragraph three
  of subsection (a) of section eleven hundred thirteen  of  the  insurance
  law, pursuant to section six-n of the general municipal law or any other
  chapter  of law, shall make all reserve fund transactions transparent to
  the public by adopting a written insurance reserve fund  policy,  to  be
  posted  on  the school district's website, that includes: the purpose of
  the reserve fund, the optimal amount of funding of the reserve fund, its
  intended duration, the conditions under which reserve fund  assets  will
  be  used  or replenished, a periodic analysis by the school board of the
  reserve fund balances to determine if reserves  are  at  reasonable  and
  appropriate  levels,  how  the  school authorities should reduce reserve
  funds  to  reasonable  levels  when  conditions  warrant,   how   school
  authorities  will  discontinue  the reserve fund if no longer needed and
  any additional policies that the school authorities deem appropriate.
* NB There are 2 § 3653's