N.Y. VAT. LAW § 310 : NY Code - Section 310: Short title and declaration of purpose

Search N.Y. VAT. LAW § 310 : NY Code - Section 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.