Insurance Law 7702 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7701 Short title up ARTICLE 77 The Life and Health Insurance Company Guaranty Corporation of New York Act next SECTION 7703 Scope Viewing most recent revision (from 2023-05-12) View historical revision as of: -- Choose a Date -- 2023-05-12 2014-11-28 2014-09-22 Share Facebook Email SECTION 7702 Purpose Insurance (ISC) CHAPTER 28, ARTICLE 77 § 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.