New York § 7702 Purpose

New York Statutes

§ 7702 — Purpose

New York § 7702

Law ISCInsurance

Art. 77The Life and Health Insurance Company Guaranty Corporation of New York Act

This text of New York § 7702 (Purpose) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 7702 (2026).

Text

  § 7702. Purpose. The purpose of this article is to provide funds to\nprotect policy owners, insureds, health care providers, beneficiaries,\nannuitants, payees and assignees of life insurance policies, health\ninsurance policies, annuity contracts, funding agreements and\nsupplemental contracts issued by life insurance companies, health\ninsurance companies, and property/casualty insurance companies, subject\nto certain limitations, against failure in the performance of\ncontractual obligations due to the impairment or insolvency of the\ninsurer issuing such policies, contracts, or funding agreements. In the\njudgment of the legislature, the foregoing objects and purposes not\nbeing capable of accomplishment by a corporation created under general\nlaws, the creation of a not-for-profit c

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§ 7702. Purpose. The purpose of this article is to provide funds to\nprotect policy owners, insureds, health care providers, beneficiaries,\nannuitants, payees and assignees of life insurance policies, health\ninsurance policies, annuity contracts, funding agreements and\nsupplemental contracts issued by life insurance companies, health\ninsurance companies, and property/casualty insurance companies, subject\nto certain limitations, against failure in the performance of\ncontractual obligations due to the impairment or insolvency of the\ninsurer issuing such policies, contracts, or funding agreements. In the\njudgment of the legislature, the foregoing objects and purposes not\nbeing capable of accomplishment by a corporation created under general\nlaws, the creation of a not-for-profit corporation of insurers is\nprovided for by this article to enable the guarantee of payment of\nbenefits and of continuation of coverages, and members of the\ncorporation are subject to assessment to carry out the purposes of this\narticle.\n