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legal reserve

the amount of cash assets that a bank, insurance company, etc., is required by law to set aside as reserves.
Origin of legal reserve
1920-25 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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Examples from the web for legal reserve
  • According to the prospectus, the company is a legal reserve stock life insurance company.
  • Net proceeds will be used in the conduct of the company as a legal reserve life insurance company.
  • Life, endowment or annuity contracts of legal reserve life insurance companies.
  • Also, the government may transfer amounts from other funds in excess of the legal reserve or annual debt service requirement.

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