N.Y. Veh. & Traf. Law § 310

§ 310. Short title and declaration of purpose. (1) This article shall\nbe known and may be cited as the "Motor Vehicle Financial Security Act."\n (2) Declaration of purpose. The legislature is concerned over the\nrising toll of motor vehicle accidents and the suffering and loss\nthereby inflicted. The legislature determines that it is a matter of\ngrave concern that motorists shall be financially able to respond in\ndamages for their negligent acts, so that innocent victims of motor\nvehicle accidents may be recompensed for the injury and financial loss\ninflicted upon them. The legislature finds and declares that the public\ninterest can best be served in satisfying the insurance requirements of\nthis article by private enterprise operating in a competitive market to\nprovide proof of financial security through the methods prescribed\nherein.\n Nothing in this article shall be construed to affect any change in the\napplication of article twenty-three of the insurance law to automobile\nliability insurance rate-making or to effect the development of various\nmethods of doing or operating an automobile liability insurance\nbusiness.\n