2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7702 - Purpose.

 
    §  7702.  Purpose.  The purpose of this article is to provide funds to
  protect  resident  policyowners,  insureds,  beneficiaries,  annuitants,
  payees  and  assignees  of  life  insurance  policies,  health insurance
  policies,  annuity  contracts,  funding  agreements   and   supplemental
  contracts  issued  by  life  insurance  companies,  subject  to  certain
  limitations,  against  failure  in  the   performance   of   contractual
  obligations  due  to the impairment or insolvency of the insurer issuing
  such policies or contracts. In  the  judgment  of  the  legislature  the
  foregoing  objects and purposes not being capable of accomplishment by a
  corporation created under general laws, the creation of a not-for-profit
  corporation of insurers is provided for by this article  to  enable  the
  guarantee  of  payment of benefits and of continuation of coverages, and
  members of the corporation are subject to assessment to  carry  out  the
  purposes of this article.