N.Y. Vehicle & Traffic Law § 310: Short title and declaration of purpose

§ 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.