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  5. 77 N.Y.2d 573 (1991)
 

AM. INSURERS v. CHU

77 N.Y.2d 573 (1991)

Alliance of American Insurers et al., Appellants, v. Roderick Chu, as Commissioner of Taxation and Finance of the State of New York, et al., Respondents. State Farm Mutual Automobile Insurance Company et al., Appellants, v. Roderick G. W. Chu, as Commissioner of the Department of Taxation and Finance of the State of New York, et al., Respondents. American Insurance Association et al., Appellants, v. Commissioner of the Department of Taxation and Finance of the State of New York et al., Respondents.

Court of Appeals of the State of New York.

Reargued February 7, 1991.

Decided April 2, 1991.

Attorney(s) appearing for the Case

Kenneth R. Feinberg, David O. Bickart and John G. Bickerman for Alliance of American Insurers and others, appellants.

Charles C. Platt and John M. Aerni for State Farm Mutual Automobile Insurance Company and others, appellants.

Robert S. Smith and Melinda S. Levine for American Insurance Association and others, appellants.

Robert Abrams, Attorney-General (Peter G. Crary, O. Peter Sherwood and Peter H. Schiff of counsel), for respondents.

Judges SIMONS, KAYE, BELLACOSA and KOOPER concur with Chief Judge WACHTLER; Judge HANCOCK, JR., dissents and votes to affirm in a separate opinion in which Judge TITONE concurs; Judge ALEXANDER taking no part.

Chief Judge WACHTLER.

The integrity of the State government, upon which the public is entitled to rely, requires, at the very least, that the State keep its lawfully enacted promises. When our Legislature grants to contributors property rights in the income of a fund and pledges the "full faith and credit of the State of New York" for the safekeeping of that fund it cannot simply ignore the pledge and abrogate...

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