§ 7702. Purpose. The purpose of this article is to provide funds to\nprotect policy owners, insureds, health care providers, beneficiaries,\nannuitants, payees and assignees of life insurance policies, health\ninsurance policies, annuity contracts, funding agreements and\nsupplemental contracts issued by life insurance companies, health\ninsurance companies, and property/casualty insurance companies, subject\nto certain limitations, against failure in the performance of\ncontractual obligations due to the impairment or insolvency of the\ninsurer issuing such policies, contracts, or funding agreements. In the\njudgment of the legislature, the foregoing objects and purposes not\nbeing capable of accomplishment by a corporation created under general\nlaws, the creation of a not-for-profit corporation of insurers is\nprovided for by this article to enable the guarantee of payment of\nbenefits and of continuation of coverages, and members of the\ncorporation are subject to assessment to carry out the purposes of this\narticle.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.