New York Consolidated Laws, Insurance Law - ISC § 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.