N.Y. Ins. Law § 7702

§ 7702. Purpose. The purpose of this article is to provide funds to\nprotect policy owners, insureds, beneficiaries, annuitants, payees and\nassignees of life insurance policies, health insurance policies, annuity\ncontracts, funding agreements and supplemental contracts issued by life\ninsurance companies, subject to certain limitations, against failure in\nthe performance of contractual obligations due to the impairment or\ninsolvency of the insurer issuing such policies, contracts, or funding\nagreements. In the judgment of the legislature, the foregoing objects\nand purposes not being capable of accomplishment by a corporation\ncreated under general laws, the creation of a not-for-profit corporation\nof insurers is provided for by this article to enable the guarantee of\npayment of benefits and of continuation of coverages, and members of the\ncorporation are subject to assessment to carry out the purposes of this\narticle.\n