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v3.19.1

Statutory Financial Information of Insurance Subsidiaries | 12 Months Ended
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Mar. 31, 2019
Disclosure Text Block [Abstract] |
Statutory Financial Information of Insurance Subsidiaries | Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below:
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
Repwest: |  |  |  |  |  |
Audited statutory net income | $ | 23,960 | $ | 16,328 | $ | 19,580
Audited statutory capital and surplus |  | 216,763 |  | 197,375 |  | 176,009
ARCOA: |  |  |  |  |  |
Audited statutory net income |  | 1,612 |  | 1,190 |  | 1,451
Audited statutory capital and surplus |  | 9,390 |  | 7,991 |  | 6,798
Oxford: |  |  |  |  |  |
Audited statutory net income |  | 11,367 |  | 10,350 |  | 17,473
Audited statutory capital and surplus |  | 203,723 |  | 195,931 |  | 189,279
CFLIC: |  |  |  |  |  |
Audited statutory net income |  | 8,735 |  | 8,062 |  | 8,139
Audited statutory capital and surplus |  | 27,232 |  | 26,653 |  | 28,011
NAI: |  |  |  |  |  |
Audited statutory net income |  | 1,436 |  | 1,594 |  | 1,039
Audited statutory capital and surplus |  | 12,817 |  | 12,674 |  | 12,691
The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2018 that could be distributed as ordinary dividends was $21.7 million. The statutory surplus for Oxford at December 31, 2018 that could be distributed as ordinary dividends was $11.4 million. Neither Oxford nor Repwest paid a dividend to AMERCO in fiscal 2019, 2018 or 2017. For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus.

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- Definition The entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -URI http://asc.fasb.org/subtopic&trid=4738323 + Details
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