statutory deposit
nounDefinitions
An amount of money that a bank or insurance company is legally required to keep on hand…
An amount of money that a bank or insurance company is legally required to keep on hand rather than investing.
- Statutory deposit can function as a policyholders' protection fund.
- Of the $1.5 million, $900,000 is mandated to be a statutory deposit with this state.
- Both bank associations govern the respective statutory deposit funds and the voluntary deposit funds, but statutory and voluntary funds are kept legally separate.
The neighborhood
Vish — recursive loop
No curated loop yet for statutory deposit. Loops are being traced one word at a time while the ingestion pipeline matures.
sense glosses and etymology drawn from English Wiktionary · source · CC-BY-SA