Insurance Law 7501 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up ARTICLE 75 Life Insurance Guaranty Fund next SECTION 7502 Definitions Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7501 Purpose of article Insurance (ISC) CHAPTER 28, ARTICLE 75 § 7501. Purpose of article. The purpose of this article is to continue the life insurance guaranty fund, a fund arising from assessments upon domestic life insurance companies to be used for the promotion of the stability of such companies and the performance of their contractual obligations. In the judgment of the legislature, the foregoing objects and purposes are not capable of accomplishment by a corporation created under general laws, so the continuation of the non-profit corporation, "The Life Insurance Guaranty Corporation", is provided by this article.