Final answer:
The provided information does not specify NYS' minimum compulsory liability insurance requirements. These requirements ensure that drivers can cover damages or injuries they may cause, with state regulations influencing insurance companies' willingness to operate in that market. For accurate figures, one should consult the New York State Department of Motor Vehicles or an insurance professional.
Step-by-step explanation:
The minimum compulsory insurance requirement for liability in New York State (NYS) isn't explicitly detailed in the provided reference material. However, typically, such requirements often include liability coverage to cover costs associated with property damage and bodily injury to others in the event you are at fault in an accident. Insurance regulations are designed to ensure that there are sufficient funds available to cover these costs, mirroring the fundamental principle of insurance that the average amount individuals receive cannot exceed the average amount paid in premiums. States like New York mandate that drivers have minimum amounts of liability insurance to assure that all drivers can pay for damages or injuries they may cause to other parties or property. In general, states that have strict rules that require insurance companies to sell to everyone at low prices may face the challenge of insurance companies withdrawing from doing business in that state. This was the case in New Jersey and Florida, as mentioned in the provided reference material. Nonetheless, the exact figures for NYS' minimum liability insurance can be found by reviewing the current regulations or consulting with the New York State Department of Motor Vehicles or an insurance professional.