Without the effect of the legal reserve
and the DTA remeasurement, net income would have been $2.
The mandatory or legal reserve
ratio is one of the tools used by the CBE to influence the bank liquidity ratio, inflation rate, credit granting rates, and so on.
The need to provision for and then write-off a single large loan in H1 2015 required a sizeable drawdown on general LLRs while the loss of a legal case in H1 2016 meant a drawdown on the legal reserve
The tax relief reserve is a legal reserve
of the country, but is not legally independent.
67 billion, aided by an $88 million reversal of an accrued legal reserve
in the fourth quarter.
The Legal Reserve
(LR) was instituted in Brazil by the Forest Code (FC) in 1934 and has undergone changes to its dimensions and goals over time.
Life/Health Companies Ranked by 2015 Gross Premiums Written (as of June 9, 2016) (US$ thousands) Rank Company Name AMB# GPW 1 Metropolitan Life Insurance Company 006704 89,872,078 2 Kaiser Foundation Health Plan Inc 064585 56,745,870 3 Prudential Legacy Insurance Company NJ 060729 55,309,026 4 UnitedHealthcare Insurance Company 008290 42,124,683 5 Prudential Insurance Co of America 006974 31,799,749 6 Health Care Svc Corp Mut Legal Reserve
009193 31,264,775 7 New York Life Insurance Company 006820 29,966,947 8 MetLife Insurance Company USA 007330 27,395,346 9 Massachusetts Mutual Life Insurance Co 006695 26,513,191 10 Jackson National Life Insurance 006596 26,061,676 Company Top 10 U.
GILICO, a Legal Reserve
Life Insurance company based in Baton Rouge, LA, is licensed in 31 states and focuses on protecting middle-market customers through the sale of annuities, life insurance and supplemental insurance products.
The Minister of Industry stressed, during his address to the Sudan Investment Forum Wednesday, the state's concern with the provision of all the resources for the industrial sector to accomplish the country renaissance, pointing to confirm of the current year's budget to provide long-term funding for the industrial sector and the central bank reduction to its legal reserve
for the industrial sector to 5%, in addition to the agreement on the withdrawal of the Ministry of Finance from the provision of guarantees to the government sector and extension of all the guarantees to the industrial sector, referring to the preparation of the ministry for the amendment of the Industry Act to keep pace with the new developments.
Shareholders also approved the board recommendation to transfer BD929,682 to the Legal Reserve
, and not to
These banks will also not be imposed of legal reserve
deficiencies and will be granted a moratorium on monthly payments due to the BSP for banks under rehabilitation.
A new putative class action suit filed in the Southern District of New York alleges that the use of so-called "shadow insurance" transactions violates New York Insurance Law Section 4226(a)(4), which prohibits insurers from making "any misleading representation, or any misrepresentation of the financial condition of any such insurer or of the legal reserve
system upon which it operates.