New York Laws
Article 13 - Assets and Deposits
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.

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