(a) The non-profit corporation known as the “motor vehicle accident indemnification corporation” shall be continued.

Terms Used In N.Y. Insurance Law 5203

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC

(b) Every insurer authorized to write motor vehicle liability insurance in this state, as a condition of its authorization, shall be and remain a member of the corporation.

(c) The corporation shall be obligated to provide the protection required by this article to a qualified person on account of a motor vehicle accident caused by owners or operators of motor vehicles occurring within the state.