N.Y. Ins. Law § 1303

§ 1303. Loss or claim reserves. Every insurer shall, except as\nprovided in section one thousand three hundred four of this article and\nsubject to specific provisions of this chapter, maintain reserves in an\namount estimated in the aggregate to provide for the payment of all\nlosses or claims incurred on or prior to the date of statement, whether\nreported or unreported, which are unpaid as of such date and for which\nsuch insurer may be liable, and also reserves in an amount estimated to\nprovide for the expenses of adjustment or settlement of such losses or\nclaims.\n