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Statutory Restrictions on Investments and Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Statutory Restrictions On Investments And Stockholders' Equity | NOTE 2. Statutory Restrictions on Investments and Stockholders’ Equity: Investments totaling $124.1 million and $101.6 million were on deposit with state treasurers in accordance with statutory requirements for the protection of policyholders at December 31, 2023 and 2022, respectively. Pursuant to insurance and other regulations under which the Company’s insurance subsidiaries operate, the amount of dividends, loans and advances available to the Company is limited, principally for the protection of policyholders. As of December 31, 2023, under such regulations, the maximum amount available to the Company from its insurance subsidiaries in 2024, without prior approval from applicable regulators, was dividends of $614.7 million and loans and advances of $108.3 million. The Company’s principal title insurance subsidiary, First American Title Insurance Company (“FATICO”), maintained total statutory capital and surplus of $1.5 billion as of December 31, 2023 and 2022. Statutory net income for the years ended December 31, 2023, 2022 and 2021 was $198.3 million, $436.3 million and $654.9 million, respectively. FATICO was in compliance with the minimum statutory capital and surplus requirements as of December 31, 2023. FATICO is domiciled in Nebraska and its statutory-based financial statements are prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the state of Nebraska. The state of Nebraska has adopted certain prescribed accounting practices that differ from those found in the NAIC SAP. Specifically, the timing of amounts released from the statutory premium reserve under Nebraska’s required practice differs from NAIC SAP resulting in total statutory capital and surplus that was lower than if reported in accordance with NAIC SAP by $347.1 million and $325.2 million at December 31, 2023 and 2022, respectively. Statutory accounting principles differ in some respects from GAAP, and these differences include, but are not limited to, non-admission of certain assets (principally limitations on deferred tax assets, goodwill, capitalized furniture and equipment, investment in subsidiaries and affiliates, real estate, capitalized software, and premiums and other receivables 90 days past due), reporting of bonds at amortized cost, recognition of credit losses, the lack of recognition of operating lease assets and liabilities on the balance sheet for lease commitments in which the Company is a lessee, changes in the fair values of marketable equity securities, amortization of goodwill, deferral of premiums received as statutory premium reserve, supplemental reserve (if applicable) and exclusion of the incurred but not reported claims reserve.

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