N.Y. Insurance Law Section 7702
Purpose

The purpose of this article is to provide funds to protect policy owners, insureds, health care providers, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts, funding agreements and supplemental contracts issued by life insurance companies, health insurance companies, and property/casualty 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.

Source: Section 7702 — Purpose, https://www.­nysenate.­gov/legislation/laws/ISC/7702 (updated May 12, 2023; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
May 12, 2023

§ 7702’s source at nysenate​.gov

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