N.Y. Insurance Law § 1303: Loss or claim reserves

§ 1303. Loss or claim reserves. Every insurer shall, except as

provided in section one thousand three hundred four of this article and

subject to specific provisions of this chapter, maintain reserves in an

amount estimated in the aggregate to provide for the payment of all

losses or claims incurred on or prior to the date of statement, whether

reported or unreported, which are unpaid as of such date and for which

such insurer may be liable, and also reserves in an amount estimated to

provide for the expenses of adjustment or settlement of such losses or

claims.