Section 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.