N.Y. Ins. Law § 7702
Purpose
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2024
As of January 1, 2015
§ 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
§ 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
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.