§ 5201. Title and purpose. (a) This article may be cited as the "motor
vehicle accident indemnification corporation act".

(b) The legislature finds and declares that the motor vehicle
financial security act in the vehicle and traffic law, which requires
the owner of a motor vehicle to furnish proof of financial security as a
condition to registration, fails to accomplish its full purpose of
securing to innocent victims of motor vehicle accidents recompense for
the injury and financial loss inflicted upon them, in that the act makes
no provision for the payment of loss on account of injury to or death of
persons who, through no fault of their own, were involved in motor
vehicle accidents caused by:

(1) uninsured motor vehicles registered in a state other than New
York,

(2) unidentified motor vehicles which leave the scene of the accident,

(3) motor vehicles registered in this state as to which at the time of
the accident there was not in effect a policy of liability insurance,

(4) stolen motor vehicles,

(5) motor vehicles operated without the permission of the owner,

(6) insured motor vehicles where the insurer disclaims liability or
denies coverage, and

(7) unregistered motor vehicles.
In addition, this article is intended to provide no-fault benefits for
qualified persons for basic economic loss arising out of the use and
operation in this state of an uninsured motor vehicle, as provided
herein and in the comprehensive motor vehicle insurance reparations act.
The legislature determines that it is a matter of grave concern that
those persons are not recompensed for their injury and financial loss
inflicted upon them and that the public interest can best be served by
closing such gaps in the motor vehicle financial security act and the
comprehensive motor vehicle insurance reparations act through the
continued operation of the motor vehicle accident indemnification
corporation.