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Long-Term Debt
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following as of the dates presented (in thousands):
 
September 30,
 
December 31,
 
2019
 
2018
Surplus note
$
10,294

 
$
11,397


In 2006, UPCIC entered into a $25.0 million surplus note with the State Board of Administration of Florida (the “SBA”) under Florida’s Insurance Capital Build-Up Incentive Program. The surplus note has a twenty-year term and accrues interest, adjusted quarterly based on the 10-year Constant Maturity Treasury Index. Principal and interest are paid periodically pursuant to terms of the surplus note.
UPCIC was in compliance with the terms of the surplus note as of September 30, 2019.