§ 4117. Loss and loss expense reserves. (a) In determining the\nfinancial condition of any property/casualty insurance company for the\npurpose of applying the provisions of this chapter, and in any financial\nstatement or report of any such company, there shall be included in the\nliabilities of such company loss reserves and loss expense reserves at\nleast equal to the amounts required under the provisions of this\nsection, and the amount of such reserves shall be diminished by\nallowance or credit for reinsurance recoverable from assuming insurers\nin accordance with paragraph nine of subsection (a) of section one\nthousand three hundred one of this chapter. The date as of which such\ndetermination, statement or report is made is hereinafter referred to as\nthe date of determination.\n (b) For all outstanding losses and loss expenses, the reserves shall\ninclude the following:\n (1) the aggregate estimated amounts due or to become due on account of\nall known losses and claims and loss expenses incurred but not paid,\nincluding the estimated liability on any notice received by the company\nof the occurrence of any event which may result in a loss;\n (2) the aggregate amounts of liability for all losses and loss\nexpenses incurred but on which no notice has been received, estimated in\naccordance with the company's prior experience, if any, otherwise in\naccordance with the experience of similar companies under similar\ncontracts of insurance. The estimated liabilities for such losses under\nall its bonds, policies or contracts of fidelity insurance, shall be not\nless than ten percent of the net premiums in force thereon, and the\nestimated liabilities for all such losses under all its surety contracts\nshall be not less than five percent of the net premiums in force\nthereon.\n (c) Except as provided in subsection (e) hereof the minimum reserves\nfor outstanding losses and loss expenses under policies of personal\ninjury liability insurance and under policies of employers' liability\ninsurance, where the losses were incurred during the three years\nimmediately preceding the date of determination, shall be calculated in\naccordance with any method adopted or approved by the National\nAssociation of Insurance Commissioners and shall be not less than the\naggregate of the estimated unpaid losses and loss expenses for claims\nincurred computed in accordance with subsection (b) hereof.\n (d) The minimum reserves for outstanding losses and loss expenses\nunder policies of workers' compensation insurance, except as provided in\nsubsection (e) hereof, shall be computed as follows:\n (1) For all such compensation policies where losses were incurred more\nthan three years prior to the date of determination, such reserves shall\nbe the sum of the present values, at five percent interest per annum, of\nthe determined and estimated unpaid losses computed on an individual\ncase basis plus the estimated unpaid loss expenses computed in\naccordance with subsection (b) hereof.\n (2) Where losses were incurred during the three years immediately\npreceding the date of determination, such reserves shall be the sum of\nthe reserves for each year, which shall be calculated in accordance with\nany method adopted or approved by the National Association of Insurance\nCommissioners and shall be not less than the sum of the present values,\nat five percent interest per annum, of the determined and estimated\nunpaid losses computed on an individual case basis plus the estimated\nunpaid loss expenses computed in accordance with subsection (b) hereof.\n (e) Whenever in the judgment of the superintendent, the loss and loss\nexpense reserves of any property/casualty insurance company doing\nbusiness in this state calculated in accordance with the foregoing\nprovisions are inadequate or excessive, he may prescribe any other basis\nwhich will produce adequate and reasonable reserves.\n (f) Every property/casualty insurance company doing business i
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