§ 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.
Structure New York Laws