N.Y. ISC Law § 5201

§ 5201. Title and purpose. (a) This article may be cited as the "motor\nvehicle accident indemnification corporation act".\n (b) The legislature finds and declares that the motor vehicle\nfinancial security act in the vehicle and traffic law, which requires\nthe owner of a motor vehicle to furnish proof of financial security as a\ncondition to registration, fails to accomplish its full purpose of\nsecuring to innocent victims of motor vehicle accidents recompense for\nthe injury and financial loss inflicted upon them, in that the act makes\nno provision for the payment of loss on account of injury to or death of\npersons who, through no fault of their own, were involved in motor\nvehicle accidents caused by:\n (1) uninsured motor vehicles registered in a state other than New\nYork,\n (2) unidentified motor vehicles which leave the scene of the accident,\n (3) motor vehicles registered in this state as to which at the time of\nthe accident there was not in effect a policy of liability insurance,\n (4) stolen motor vehicles,\n (5) motor vehicles operated without the permission of the owner,\n (6) insured motor vehicles where the insurer disclaims liability or\ndenies coverage, and\n (7) unregistered motor vehicles.\nIn addition, this article is intended to provide no-fault benefits for\nqualified persons for basic economic loss arising out of the use and\noperation in this state of an uninsured motor vehicle, as provided\nherein and in the comprehensive motor vehicle insurance reparations act.\nThe legislature determines that it is a matter of grave concern that\nthose persons are not recompensed for their injury and financial loss\ninflicted upon them and that the public interest can best be served by\nclosing such gaps in the motor vehicle financial security act and the\ncomprehensive motor vehicle insurance reparations act through the\ncontinued operation of the motor vehicle accident indemnification\ncorporation.\n