N.Y. Insurance Law § 7501: Purpose of article

§ 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.