2016 New York Laws
ISC - Insurance
Article 77 - (Insurance) 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 policy owners, 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, contracts,  or  funding
  agreements.  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.