hello there!

statutory liablity is a respnsibility imposed on an individual or business by a law. For example, the directors of a corporation assume certain statutory liabilities when they join the board.

some of the examples for statutory liability are policy reserves, premiums collected in advnce, commisiion and expenses payable , and provisiions for polcyholder dividends etcc..,

hope you got your answer, all the best for your future.