legal reserve

the amount of cash assets that a bank, insurance company, etc., is required by law to set aside as reserves.

1920–25 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
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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