§ 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.