📚 noun • entry_id 62438
statutory deposit
Meanings (ES + gloss)
depósito legal
An amount of money that a bank or insurance company is legally required to keep on hand rather than investing.
Of the $1.5 million, $900,000 is mandated to be a statutory deposit with this state.
Statutory deposit can function as a policyholders' protection fund.
Phrases
No hay frases
Word forms