N.Y. Ins. Law § 7501

§ 7501. Purpose of article. The purpose of this article is to continue\nthe life insurance guaranty fund, a fund arising from assessments upon\ndomestic life insurance companies to be used for the promotion of the\nstability of such companies and the performance of their contractual\nobligations. In the judgment of the legislature, the foregoing objects\nand purposes are not capable of accomplishment by a corporation created\nunder general laws, so the continuation of the non-profit corporation,\n"The Life Insurance Guaranty Corporation", is provided by this article.\n