Statutory Reserve
In the business of insurance, statutory reserves are those liabilities an insurance company is legally required to maintain on its balance sheet with respect to the unmatured obligations (i.e., expected future claims) of the company.
Read more about Statutory Reserve: Life Insurance, See Also
Famous quotes containing the word reserve:
“In a democracy—even if it is a so-called democracy like our white-élitist one—the greatest veneration one can show the rule of law is to keep a watch on it, and to reserve the right to judge unjust laws and the subversion of the function of the law by the power of the state. That vigilance is the most important proof of respect for the law.”
—Nadine Gordimer (b. 1923)