State Codes and Statutes

Statutes > New-york > Isc > Article-77 > 7702

§  7702.  Purpose.  The purpose of this article is to provide funds to  protect  resident  policyowners,  insureds,  beneficiaries,  annuitants,  payees  and  assignees  of  life  insurance  policies,  health insurance  policies,  annuity  contracts,  funding  agreements   and   supplemental  contracts  issued  by  life  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 or contracts. 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.

State Codes and Statutes

Statutes > New-york > Isc > Article-77 > 7702

§  7702.  Purpose.  The purpose of this article is to provide funds to  protect  resident  policyowners,  insureds,  beneficiaries,  annuitants,  payees  and  assignees  of  life  insurance  policies,  health insurance  policies,  annuity  contracts,  funding  agreements   and   supplemental  contracts  issued  by  life  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 or contracts. 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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-77 > 7702

§  7702.  Purpose.  The purpose of this article is to provide funds to  protect  resident  policyowners,  insureds,  beneficiaries,  annuitants,  payees  and  assignees  of  life  insurance  policies,  health insurance  policies,  annuity  contracts,  funding  agreements   and   supplemental  contracts  issued  by  life  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 or contracts. 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.