Meaning of statutory deposit | Babel Free

Definitions

An amount of money that a bank or insurance company is legally required to keep on hand rather than investing.

Equivalents

Examples

“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.”

CEFR level