N.Y. Ins. Law § 4401

§ 4401. Declaration of policy. (a) It is declared to be the policy of\nthe state that employee welfare funds are of great benefit to employees\nand their families and that their growth should be encouraged; that the\nestablishment and management of such funds vitally affect the well-being\nof millions of people and are in the public interest.\n (b) It is further declared that such funds should be supervised by the\nstate to the extent necessary to protect the rights of employees and\ntheir families, without imposing burdens on the funds which might\ndiscourage their orderly growth and without duplicating the supervisory\nresponsibilities of any state agency.\n