VTL 310 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up ARTICLE 6 Motor Vehicle Financial Security Act next SECTION 311 Definitions Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 310 Short title and declaration of purpose Vehicle & Traffic (VAT) CHAPTER 71, TITLE 3, ARTICLE 6 § 310. Short title and declaration of purpose. (1) This article shall be known and may be cited as the "Motor Vehicle Financial Security Act." (2) Declaration of purpose. The legislature is concerned over the rising toll of motor vehicle accidents and the suffering and loss thereby inflicted. The legislature determines that it is a matter of grave concern that motorists shall be financially able to respond in damages for their negligent acts, so that innocent victims of motor vehicle accidents may be recompensed for the injury and financial loss inflicted upon them. The legislature finds and declares that the public interest can best be served in satisfying the insurance requirements of this article by private enterprise operating in a competitive market to provide proof of financial security through the methods prescribed herein. Nothing in this article shall be construed to affect any change in the application of article twenty-three of the insurance law to automobile liability insurance rate-making or to effect the development of various methods of doing or operating an automobile liability insurance business.