2006 New York Code - Title And Purpose.

 
    § 5201. Title and purpose. (a) This article may be cited as the "motor
  vehicle accident indemnification corporation act".
    (b)  The  legislature  finds  and  declares  that  the  motor  vehicle
  financial security act in the vehicle and traffic  law,  which  requires
  the owner of a motor vehicle to furnish proof of financial security as a
  condition  to  registration,  fails  to  accomplish  its full purpose of
  securing to innocent victims of motor vehicle accidents  recompense  for
  the injury and financial loss inflicted upon them, in that the act makes
  no provision for the payment of loss on account of injury to or death of
  persons  who,  through  no  fault  of  their own, were involved in motor
  vehicle accidents caused by:
    (1) uninsured motor vehicles registered in  a  state  other  than  New
  York,
    (2) unidentified motor vehicles which leave the scene of the accident,
    (3) motor vehicles registered in this state as to which at the time of
  the accident there was not in effect a policy of liability insurance,
    (4) stolen motor vehicles,
    (5) motor vehicles operated without the permission of the owner,
    (6)  insured  motor  vehicles where the insurer disclaims liability or
  denies coverage, and
    (7) unregistered motor vehicles.
  In addition, this article is intended to provide no-fault  benefits  for
  qualified  persons  for  basic  economic loss arising out of the use and
  operation in this state of  an  uninsured  motor  vehicle,  as  provided
  herein and in the comprehensive motor vehicle insurance reparations act.
  The  legislature  determines  that  it is a matter of grave concern that
  those persons are not recompensed for their injury  and  financial  loss
  inflicted  upon  them and that the public interest can best be served by
  closing such gaps in the motor vehicle financial security  act  and  the
  comprehensive  motor  vehicle  insurance  reparations  act  through  the
  continued  operation  of  the  motor  vehicle  accident  indemnification
  corporation.