N.Y. Banking Law § 654

§ 654. Purpose of the fund. There is hereby created a fund to be known\nas the "state transmitter of money insurance fund". The purpose of the\nfund shall be to insure the New York instruments of uninsured\ntransmitters of money which, by reason of insolvency, bankruptcy or\nother inability to pay, have defaulted in making payment on their New\nYork instruments, whether such default has occurred prior to or after\nthe effective date of this act.\n