Insurance Law 1303 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1302 Assets not admitted up ARTICLE 13 Assets and Deposits next SECTION 1304 Valuation reserves Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1303 Loss or claim reserves Insurance (ISC) CHAPTER 28, ARTICLE 13 § 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.