Section 1701. Purpose.--The purpose of this article is to protect, subject to certain limitations, the persons specified in section 1703(a) against failure in the performance of contractual obligations, under life, health and annuity policies, plans or contracts specified in section 1703(b), because of the impairment or insolvency of the member insurer that issued the policies, plans or contracts. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and member insurers of the association are subject to assessment to provide funds to carry out the purpose of this article.
(1701 amended Nov. 3, 2020, P.L.1097, No.113)
Compiler's Note: See section 4 of Act 113 of 2020 in the appendix to this act for special provisions relating to applicability.