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Statutory Net Income, Capital and Surplus and Dividend Restrictions | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Statutory Net Income, Capital and Surplus and Dividend Restrictions | 14 - Statutory Net Income, Capital and Surplus and Dividend Restrictions The following table presents selected information, as filed with state insurance regulatory authorities, for our insurance subsidiaries as determined in accordance with accounting practices prescribed or permitted by such insurance regulatory authorities:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Atlantic States: |  |  |  |  |  |  |  |  |  |  |  |
Statutory capital and surplus |  | $ | 259,030,868 |  |  | $ | 230,736,313 |  |  | $ | 260,428,754 |
Statutory unassigned surplus |  |  | 155,909,822 |  |  |  | 140,713,118 |  |  |  | 172,709,955 |
Statutory net income (loss) |  |  | 22,282,231 |  |  |  | (23,458,516 | ) |  |  | (2,037,672 | )
Southern: |  |  |  |  |  |  |  |  |  |  |  |
Statutory capital and surplus |  |  | 54,405,568 |  |  |  | 45,355,785 |  |  |  | 54,503,581 |
Statutory unassigned (deficit) surplus |  |  | (2,375,794 | ) |  |  | (6,346,270 | ) |  |  | 2,914,532 |
Statutory net income (loss) |  |  | 5,061,477 |  |  |  | (9,822,457 | ) |  |  | (3,375,434 | )
Peninsula: |  |  |  |  |  |  |  |  |  |  |  |
Statutory capital and surplus |  |  | 39,244,570 |  |  |  | 32,717,996 |  |  |  | 39,396,818 |
Statutory unassigned surplus |  |  | 20,936,805 |  |  |  | 14,415,949 |  |  |  | 21,148,253 |
Statutory net income (loss) |  |  | 7,360,378 |  |  |  | (6,316,130 | ) |  |  | (841,119 | )
MICO: |  |  |  |  |  |  |  |  |  |  |  |
Statutory capital and surplus |  |  | 65,768,590 |  |  |  | 55,708,442 |  |  |  | 52,796,379 |
Statutory unassigned surplus |  |  | 38,910,008 |  |  |  | 28,949,919 |  |  |  | 26,162,540 |
Statutory net income |  |  | 9,976,610 |  |  |  | 6,350,686 |  |  |  | 7,931,774 |
Our principal source of cash for payment of dividends is dividends from our insurance subsidiaries. State insurance laws require our insurance subsidiaries to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiaries are subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval of their domiciliary insurance regulatory authorities. Our insurance subsidiaries are also subject to risk-based capital (“RBC”) requirements that may further impact their ability to pay dividends. Our insurance subsidiaries’ statutory capital and surplus at December 31, 2019 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements, by a significant margin. Amounts available for distribution to us as dividends from our insurance subsidiaries without prior approval of insurance regulatory authorities in 2020 are $25.9 million from Atlantic States, $5.4 million from Southern, $2.0 million from Peninsula and $6.6 million from MICO, or a total of approximately $39.9 million.

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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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